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The Baldwin Group, formerly known as BRP Group, Inc., reported strong financial results for the first quarter of 2024, showcasing a 15% total revenue growth to $380.4 million and an organic revenue growth of 16%. The company achieved a net income of $39.1 million, with diluted earnings per share of $0.33, and a remarkable adjusted diluted EPS growth of 33% to $0.56. Additionally, the adjusted EBITDA grew by 29% year over year to $101.7 million, with an EBITDA margin expansion of 280 basis points. The company also highlighted significant free cash flow growth, reaching $53.3 million, demonstrating a strong start to the year.
Westwood Insurance Agency , an indirect subsidiary of The Baldwin Insurance Group, Inc., has announced a strategic collaboration with Landsea Homes. This partnership will allow Landsea Homes to offer home insurance to their customers through Landsea Insurance Agency using Westwood's technology platform. Westwood, specializing in personal lines insurance for the homebuilding industry, works with more than half of the top 40 homebuilders in the US, offering insurance to over 99% of the communities built by them. The collaboration aims to enhance the insurance buying experience by providing efficient home insurance solutions early in the home-buying journey.
BRP Group, Inc. is rebranding itself as The Baldwin Group to reflect its growth and transformation. The company's retail brokerage operations will also transition to The Baldwin Group brand, focusing on delivering a wide range of insurance solutions. The rebranding includes a new website, brand positioning, and marketing assets. The firm has seen significant revenue growth over the years and aims to complete the brand transition by early 2025.
