Question 1

What is The Baldwin Insurance Group, Inc.'s outside commissions?

Accepted Answer

The Baldwin Insurance Group, Inc. (BWIN) reported outside commissions of $66.68M in Q1 2026.

Question 2

How has The Baldwin Insurance Group, Inc.'s outside commissions changed year-over-year?

Accepted Answer

The Baldwin Insurance Group, Inc.'s outside commissions increased by 1.3% year-over-year, from $65.82M to $66.68M.

Question 3

What is the long-term trend for The Baldwin Insurance Group, Inc.'s outside commissions?

Accepted Answer

Over 2 years (2023 to 2025), The Baldwin Insurance Group, Inc.'s outside commissions has grown at a 15.0% compound annual growth rate (CAGR), from $211.42M to $279.71M.

Question 4

What does outside commissions mean?

Accepted Answer

Reflects the costs paid to third-party agents, brokers, or partners for the acquisition or servicing of insurance policies. This is a key variable cost component for insurance distribution firms that directly impacts operating margins.

(in thousands, except per share data)	For the Three Months Ended March 31, 2026	2025
Total revenues	532,235	413,405
Operating expenses:
Colleague compensation and benefits	283,612	198,020
Outside commissions	66,679	65,823
Other operating expenses	224,163	58,019
Amortization expense	55,047	25,882
Change in fair value of contingent consideration	1,969	8,061
Depreciation expense	2,031	1,583

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The Baldwin Insurance Group, Inc. BWIN Outside commissions