Baldwin Insurance Group is an independent insurance broker that serves over three million clients across the U.S., from individuals to middle-market and large commercial accounts. Baldwin does not underwrite insurance itself — it acts as an intermediary, placing coverage with carriers and earning commissions or fees for doing so. Baldwin operates through three segments: Insurance Advisory Solutions (IAS), its core commercial and high-net-worth brokerage business; Underwriting, Capacity & Technology Solutions (UCTS), its managing general agent (MGA) platform that manufactures proprietary insurance products across more than 20 programs; and Mainstreet Insurance Solutions (MIS), its personal lines and Medicare segment. In personal lines, Baldwin increasingly uses "embedded" distribution, integrating its insurance offering into homebuilder sales processes, mortgage originations, and property management software. Through its MGA platform, Baldwin captures more of the value chain by earning underwriting economics in addition to distribution commissions. Baldwin also manages a reciprocal insurance exchange (BRIE) for builder homeowners, earning attorney-in-fact fees as policies earn in. The cost base is largely fixed — primarily people costs — so revenue growth translates disproportionately to EBITDA growth. Baldwin grows organically by hiring advisors and expanding its MGA product suite, and inorganically through acquiring independent brokers, having completed 37 such acquisitions since 2020. Baldwin has an aspirational goal of $3B in revenue with a 30% adjusted EBITDA margin by 2029.