---
schema_version: "secwatch.filing_event.v1"
accession: "0001781755-26-000058"
form_type: "8-K"
ticker: "BWIN"
cik: "0001781755"
company_name: "Baldwin Insurance Group, Inc."
filed_at: "2026-10-09T20:07:02+00:00"
generated_at: "2026-10-12T15:11:12.956564+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Baldwin files Cobbs Allen audited financials: 2025 net loss $478.6M, revenue $299.2M

## Summary
- Cobbs Allen 2025 revenue $299.2M vs $282.0M in 2024; net loss $478.6M vs $108.7M, with stock-based compensation of $423.1M driving the loss.
- Operating loss widened to $436.2M from $88.9M; commissions, salaries and benefits rose to $670.3M from $320.5M.
- Balance sheet: total liabilities $1.44B; current accrued stock-based compensation $983.2M; redeemable members' interests negative $(1.06B); cash $13.7M vs $43.4M.
- Baldwin acquired Cobbs Allen on Jan 1, 2026, per agreement signed Dec 2, 2025; PwC audit report dated April 14, 2026.

## SEC filing metadata
- accession: 0001781755-26-000058
- form_type: 8-K
- ticker: BWIN
- cik: 0001781755
- company_name: Baldwin Insurance Group, Inc.
- filed_at: 2026-10-09T20:07:02+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1781755/000178175526000058/0001781755-26-000058-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1781755/000178175526000058/bwin-20261009.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001781755-26-000058
- JSON: https://secwatch.observer/filing/0001781755-26-000058.json
- Plain text: https://secwatch.observer/filing/0001781755-26-000058.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.