Baldwin Insurance Group reported $365.4 million in revenue for the quarter, a 7.8% increase over the same period last year, as property/casualty insurance rates changes were mixed.
On an organic basis, which excludes the effect of acquisitions and foreign currency fluctuations, revenue rose 5% for the quarter.
The company reported a net loss of $30.2 million for the quarter, compared with a loss of $14.5 million in last year’s third quarter.
Baldwin reported $31.1 million in interest expense for the 2025 period. Adjusted earnings before interest, taxes, depreciation and amortization for the third quarter were $72.5 million, unchanged from the prior year period.
Rate declines were a constraint during the quarter, said Trevor Baldwin, CEO of the brokerage, during a call with analysts.
“The impact of rate and exposure or renewal premium change was a meaningful headwind, at -5.7%, reflective of the continued client caution tied to macro uncertainty and reduction in large cat exposed coastal property pricing,” he said.
The headwind was partially offset by increases in casualty rates and likely reached a “floor” during the quarter, Mr. Baldwin said.
Baldwin also announced a transformation program “designed to accelerate the infusion of automation, business process optimization and artificial intelligence to transform and elevate our workforce,” he said.
The company expects to incur cumulative charges of about $40 million by the end of 2028 and cumulative savings of $50 million over the same period, Mr. Baldwin said.