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Baldwin declines to address rumors about capital-structure alternatives
At its July 30 second-quarter call, the company said its intrinsic value exceeds its market value and reported net leverage of about 4.5 times.
Baldwin held its second-quarter 2026 earnings call on July 30, acknowledging market reports that it was exploring capital-structure alternatives, including a potential leveraged buyout. The company declined to confirm, deny, or discuss the speculation, reiterating it does not comment on market rumors or related questions.
Baldwin said it repurchased approximately 4 million shares for $80 million during the second quarter, using about half of its $250 million authorization. The insurer ended the quarter with net leverage of roughly 4.5 times, at the top of its communicated range, and management said it is not currently able to continue repurchasing shares while it weighs future activity against leverage.
On performance, Baldwin reported organic revenue growth of 2%, and management said it would have been 8% on a comparable basis after accounting for its three January partnerships and excluding accounting and integration-related headwinds. CAC generated $94 million in second-quarter revenue, up 23% year over year.
Baldwin also reported that it booked more than $80 million in new business during the first half, including wins across private equity, financial lines, and complex public-company accounts. Management tied about $8 million in annualized revenue attrition to employee departures following changes to practice leadership and compensation, expected $4 million to $5 million of impact in the second half, and said reduced rate and exposure lowered Insurance Advisory Solutions organic growth by 240 basis points during the quarter.