BWINBaldwin Insurance Group, Inc.

Insurance Agents, Brokers & Service · $1.1B market cap · 5,000 employees

3.8×

More likely than average to be taken private

Top 2% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

TSR below peersYes
5 of 5 years
3+ of last 5 years
Goodwill-heavyYes
43% of assets
Over 40% of assets
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B
Recurring revenueYes
7 of 10
10-K business scored 7+ of 10 for recurring revenue
AI-rollup shapedYes
7 of 10
10-K business scored 5+ of 10 as an AI-rollup target
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

9 other checks

High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Shareholder dissentNo
82% lowest support
Any vote under 80% support
Low revenue per employeeNo
$299K · 45th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Active 13DNo
0 filings
Active-intent 13D in 18 months

Filed	Form	Acquirer	Price	Premium
Oct 15, 2026	SC 13E3	Sequence AI Holdings	—	—
Oct 15, 2026	PREM14A	Sequence AI Holdings	$32.50	87.5%
Sep 14, 2026	8-K	Sequence AI Holdings	—	—

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY
Revenue	$567M	$981M	$1.2B	$1.4B	$1.5B	8.5%
Operating income	−$32M	−$31M	−$43M	$61M	$74M	22%
Net income	−$58M	−$77M	−$164M	−$41M	−$54M	32%
Operating cash flow	$40M	−$2M	$46K	$51M	−$29M	157%
Capex	$5M	$22M	$21M	$41M	$40M	3.7%
Stock-based comp	$19M	$47M	$60M	$66M	$71M	8.6%

None on file.

−$12Mnet selling by insiders, open market, last 12 months

Bought $1M · 2 tradesSold $13M · 12 trades

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	−$2M	80	165
FY2024	$6M	$12M	129	180
FY2023	$6M	$4M	80	148
FY2022	$5M	$4M	84	135
FY2021	$3M	$4M	120	138