The Baldwin Group, an independent insurance brokerage and advisory firm, has announced its preliminary financial results for the third quarter of 2026, reporting revenue growth of 31% despite a net loss of $81.6 million.
Total revenue in Q3 2026 increased to $480.3 million from $365.4 million seen in the prior-year period. Organic revenue grew 6% year-over-year, contributing $21.5 million.
The company’s net loss resulted in a net loss margin of 17%.
Operating performance showed improvement on an adjusted basis. Adjusted EBITDA reached $106.9 million, up 47% from the prior-year period. Adjusted EBITDA Margin expanded by 240 basis points to 22%, compared to 19.8% in Q3 2025.
As of September 30, 2026, The Baldwin Group held $188.6 million in cash and cash equivalents, with $289.1 million in available borrowing capacity under its revolving credit facility. Total debt stood at $2.465 billion.
The earnings release comes amid the company’s pending take-private transaction. On September 14, 2026, The Baldwin Group entered into a definitive merger agreement to be acquired by an investor group led by Sequence Holdings and DFO Management, LLC.
Under the agreement, stockholders will receive $32.50 per share in cash, subject to the terms and conditions of the Merger Agreement.
The transaction is expected to close during the first quarter of 2027, subject to shareholder approval, regulatory approvals and other customary closing conditions.
The Baldwin Group noted that these third-quarter figures are preliminary, unaudited, based on internal estimates, and subject to change prior to the completion of its formal financial close process.
