Total assets expanded to $5.9B while equity-to-asset ratios compressed to approximately 16.3%, suggesting an increasing reliance on liabilities to fund the firm's rapid growth.
| Total Assets | 5.94B | 3.86B | 3.53B | 3.5B | 3.46B | 2.88B | 1.53B | 398.77M | 527K | 524.98K |
| Asset Growth % | 85.52% | 9.26% | 0.94% | 1.15% | 20.37% | 88% | 283.66% | 75566.83% | 0.39% | - |
| Total Investment Assets | 2M | 0 | 2.1M | 0 | 0 | 0 | 1.65M | 200K | 0 | 0 |
| Long-Term Investments | 5.9M | 0 | 2.1M | 0 | 0 | 0 | 1.65M | 200K | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 1.59B | 1.2B | 1.03B | 925.9M | 772.4M | 578.39M | 301.99M | 132.93M | 177.5M | 52.85M |
| Cash & Equivalents | 146.41M | 123.67M | 148.12M | 116.21M | 118.09M | 138.29M | 108.46M | 67.69M | 8M | 3.12M |
| Receivables | 3.14B | 839.17M | 702.1M | 627.79M | 531.99M | 342.5M | 155.52M | 58.84M | 29.5M | 4.75M |
| Other Current Assets | 330.49M | 236.88M | 176.27M | 170.68M | 112.49M | 89.44M | 33.56M | 3.38M | 0 | 0 |
| Goodwill & Intangibles | 11.51B | 2.5B | 2.37B | 2.43B | 2.52B | 2.17B | 1.21B | 256.92M | 0 | 0 |
| Goodwill | 2.65B | 1.52B | 1.41B | 1.41B | 1.42B | 1.23B | 651.5M | 164.47M | 0 | 0 |
| Intangible Assets | 1.48B | 978.43M | 953.49M | 1.02B | 1.1B | 944.47M | 554.32M | 92.45M | 0 | 0 |
| PP&E (Net) | 114.91M | 84.48M | 94.34M | 108.19M | 121.87M | 99.12M | 11.02M | 3.32M | 2.15M | 1.08M |
| Other Assets | 96.37M | 82.42M | 45.94M | 38.13M | 45.94M | 25.59M | 9.43M | 5.4M | -142.06M | -46.06M |
| Total Liabilities | 4.39B | 2.78B | 2.53B | 2.48B | 2.32B | 1.69B | 759.95M | 161.49M | 270.14M | 96.77M |
| Total Debt | 2.57B | 1.77B | 1.64B | 1.63B | 1.47B | 1.04B | 391.48M | 42.84M | 1.2M | 671.39K |
| Net Debt | 2.43B | 1.65B | 1.49B | 1.52B | 1.36B | 900.31M | 283.01M | -24.85M | -6.8M | -2.45M |
| Long-Term Debt | 2.34B | 1.67B | 1.4B | 1.31B | 1.31B | 849.61M | 381.38M | 40.36M | 72.24M | 23.85M |
| Short-Term Debt | 131.56M | 21.58M | 156.98M | 226.93M | 56.75M | 105.11M | 10.09M | 2.48M | 829K | 524.98K |
| Total Current Liabilities | 1.47B | 1.03B | 1.06B | 1.03B | 699.21M | 540.69M | 217.42M | 72.83M | 189.26M | 62.77M |
| Accounts Payable | 93.44M | 771.2M | 714.39M | 619.87M | 525.22M | 351.88M | 159.84M | 58.01M | 27.15M | 3.81M |
| Deferred Revenue | 41.45M | 38.21M | 40.78M | 30.28M | 30.98M | 18.18M | 11.61M | 5.35M | 0 | 0 |
| Other Current Liabilities | 1.09B | 116.84M | 108.65M | 114.37M | 59.11M | 38.2M | 22.85M | 4.38M | 159.07M | 56.5M |
| Deferred Taxes | 4.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 492.89M | 14.29M | 2.67M | 61.43M | 220.38M | 227.09M | 161.14M | 48.31M | 8.65M | 10.16M |
| Total Equity | 1.55B | 1.08B | 1.01B | 1.02B | 1.14B | 1.19B | 769.97M | 237.27M | 204.69M | 66.23M |
| Equity Growth % | 64.99% | 7.49% | -0.99% | -10.63% | -4% | 54.23% | 224.51% | 15.92% | 209.06% | - |
| Shareholders Equity | 963.94M | 600.22M | 583.22M | 560.41M | 608.1M | 608.38M | 367.78M | 73.28M | 139.91M | 44.98M |
| Minority Interest | 587.72M | 484.18M | 425.58M | 458.47M | 531.93M | 579.17M | 402.19M | 163.99M | 64.77M | 21.25M |
| Retained Earnings | -274.87M | -245.24M | -211.42M | -186.91M | -96.76M | -54.99M | -24.35M | -8.65M | -24.25M | -17.96M |
| Common Stock | 971K | 723K | 685K | 646K | 619K | 592K | 455K | 198K | 0 | 0 |
| Accumulated OCI | 2.74M | 492K | 0 | 0 | 0 | 0 | 0 | 0 | 22.89M | 6.06M |
| Return on Equity (ROE) | -3.77% | -3.23% | -2.42% | -8.35% | -3.59% | -3.13% | -3.12% | -3.91% | -0.46% | 2.57% |
| Return on Assets (ROA) | -1.05% | -0.91% | -0.7% | -2.59% | -1.32% | -1.39% | -1.63% | -4.33% | -118.63% | 324.45% |
| Equity / Assets | 26.11% | 28.08% | 28.54% | 29.09% | 32.93% | 41.29% | 50.33% | 59.5% | 38839.33% | 12615.25% |
| Debt / Equity | 1.66x | 1.63x | 1.63x | 1.60x | 1.29x | 0.87x | 0.51x | 0.18x | 0.01x | 0.01x |
| Book Value per Share | 16.02 | 15.96 | 15.90 | 16.94 | 20.06 | 24.96 | 28.33 | 13.24 | 43.19 | 13.97 |
| Tangible BV per Share | -26.70 | -20.77 | -21.39 | -23.46 | -24.32 | -20.71 | -16.04 | -1.10 | 43.19 | 13.97 |
Reserve adequacy and liquidity
According to the latest quarterly data, BWIN's total assets surged to $5.9B in 2026Q1, yet equity growth has failed to keep pace, rising only to $963.9M, which suggests that the firm is increasingly relying on debt or liability-heavy structures to fund its aggressive expansion strategy.
The rapid growth in total assets relative to equity indicates a significant shift in the firm's leverage profile. Investors should monitor whether this asset accumulation is driven by high-quality organic growth or if it reflects the integration of increasingly complex and potentially volatile insurance liabilities.
As reported in financial statements, BWIN's claims and loss reserves climbed to $350.3M in 2026Q1, representing a notable increase from the $234.7M recorded in 2023Q4, which may indicate either a growing book of business or an emerging trend of adverse development in its underwriting segments.
The upward trajectory of loss reserves relative to the firm's equity base warrants further investigation into the underlying actuarial assumptions. If these reserves continue to grow faster than premiums, it may imply that the company is underestimating the severity of its long-tail risk exposures.
Based on the provided figures, the company's equity-to-asset ratio has compressed significantly, falling to approximately 16.3% in 2026Q1, which suggests that the firm's capital buffer is thinning at a time when underwriting volatility, as evidenced by the 118.8% combined ratio, remains a persistent concern.
The erosion of the equity cushion limits the firm's capacity to absorb unexpected catastrophic losses or market shocks. This trend appears to constrain management's flexibility, potentially forcing a pivot toward capital preservation rather than the aggressive acquisition-led growth model that has defined the firm's history.
Analysis of the balance sheet reveals that total liabilities have ballooned to $4.4B as of 2026Q1, creating a significant mismatch between the firm's liquid assets and its potential claims-paying obligations, which may indicate a heightened risk of liquidity stress during periods of market or regional volatility.
The reliance on non-equity funding to support such a large liability base suggests that BWIN is highly sensitive to credit market conditions. Should the cost of capital rise or access to reinsurance markets tighten, the firm may find its ability to meet policyholder obligations increasingly challenged.
Quick answers to the most common questions about buying BWIN stock.
As of 2025, The Baldwin Insurance Group, Inc. (BWIN) had total assets of $3.86B including $1.20B in current assets.
The Baldwin Insurance Group, Inc. (BWIN) carries total debt of $1.77B, offset by $123.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
The Baldwin Insurance Group, Inc. (BWIN) has total shareholders' equity (book value) of $600.2M ($15.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
The Baldwin Insurance Group, Inc. (BWIN) reported a current ratio of 1.16x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.