The Baldwin Group, formerly known as BRP Group, Inc., has posted their results for the first quarter of 2024, which includes total revenues increasing 15% year over year to $380.4 million, compared to $330.4 million from the prior year quarter.
At the same time, the firm posted GAAP net income of $39.1 million and GAAP diluted earnings per share of $0.33 for the quarter.
In addition, The Baldwin Group’s adjusted EBITDA grew 29% year over year to reach $101.7 million in Q124, compared to last year’s $79 million.
Meanwhile, the company also witnessed 16% year over year organic revenue growth during the first quarter of 2024.
As of March 31, 2024, cash and cash equivalents were $112.1 million and the company had $266.0 million of borrowing capacity under its revolving credit facility.
Trevor Baldwin, Chief Executive Officer of The Baldwin Group, commented: “We are thrilled with our start to 2024, as we delivered another quarter of strong, double-digit organic growth and significantly expanded our adjusted EBITDA margin, profitability and free cash flow generation—a significant testament to the scalability and earnings power of our business model.
“Notably, our growth was broad-based across our platform, led by strong net new Client growth generated through the innovative advice, proprietary products, and unique solutions our Colleagues continue to develop and deliver into the marketplace, all while we continue to thoughtfully expand our footprint, including recently entering the multifamily insurance market in Canada.
“Additionally, in concert with our integration efforts over the past couple of years, we were excited last week to announce our official rebranding to The Baldwin Group, which we believe better reflects our legacy and aligns with how we are most prominently identified in the marketplace. Looking ahead, we remain very well-positioned to successfully deliver on our strategic priorities and generate continued long-term value for our shareholders.”
In October 2023, The Baldwin Group announced the launch of Juniper Re, its new reinsurance broking platform, led by former BMS Re Chief Property Officer Jeff Irvan.
Further, in March of this year, Juniper Re received approval in principle from the Bermuda Monetary Authority (BMA) to launch its Bermuda-domiciled subsidiary Juniper Re Bermuda, Ltd.
