Baldwin Insurance Group Inc., the parent company of brokerage firm Baldwin Risk Partners LLC, formerly called BRP Group Inc., on Tuesday reported revenue of $339.8 million for the second quarter ended June 30, 2024, up 14% compared to the same quarter last year.
Organic revenue growth in the second quarter was 19%, according to the broker’s earnings statement released after market close on Tuesday.
Net loss for the quarter narrowed 29.3% to $30.8 million compared to the same quarter last year.
Investment income in the second quarter increased 66.9% to $2.7 million.
The broker’s insurance advisory solutions segment reported organic revenue growth of 8% in the second quarter, while its underwriting, capacity and technology solutions business posted organic growth of 37% and Mainstreet Insurance Solutions segment recorded organic growth of 25%, Baldwin CEO Trevor Baldwin said on an earnings call with analysts.
Mr. Baldwin also said that “we are starting to see early signs of interest rates easing.”
Chief Financial Officer Brad Hale, speaking on the call, said that for the third quarter of 2024, Baldwin expects revenue of $340 million to $350 million and organic growth toward the high end of the 10% to 15% long-term range.
Mr. Hale said full-year 2024 guidance was updated with expected revenue in the range of $1.38 billion to $1.40 billion and organic growth toward the upper end of the range of 10% to 15%.
