Three insurance and insurance-adjacent firms – The Baldwin Group, Assured Guaranty, and Accelerant Holdings – have reported their fourth-quarter and full-year 2025 financial results, each reflecting revenue growth across their respective segments.
The Baldwin Group, an independent insurance distribution firm, reported total revenue of $347.3 million for the fourth quarter of 2025, a 5% increase year over year. Organic revenue growth came in at 3% for the quarter.
The company posted a GAAP net loss of $43.7 million, or $0.37 per diluted share. Adjusted net income stood at $36.3 million, with adjusted diluted EPS of $0.31, up 15% from the prior-year period.
Adjusted EBITDA rose 10% year over year to $69.6 million, representing a margin of 20.1% - a 100-basis-point expansion from 19.1% in the fourth quarter of 2024. Adjusted free cash flow grew 85% to $11.0 million.
For the full year, Baldwin reported total revenue of $1.5 billion, an 8% increase, with organic revenue growth of 7%. The company recorded a full-year GAAP net loss of $54.2 million, or $0.50 per diluted share, while adjusted net income reached $198.9 million.
Full-year adjusted diluted EPS grew 11% to $1.67, and adjusted EBITDA increased 9% to $341.5 million, with a margin of 22.7%. Pro forma adjusted EBITDA rose 13% to $352.5 million, while adjusted free cash flow totaled $87.2 million.
Assured Guaranty reported GAAP net income of $119 million, or $2.53 per share, for the fourth quarter of 2025. Adjusted operating income for the quarter was $109 million, or $2.32 per share.
Shareholders' equity per share stood at $125.32 as of Dec. 31, 2025, while adjusted operating shareholders' equity per share and adjusted book value per share were $126.78 and $186.43, respectively.
The company recorded gross written premiums of $61 million and present value of new business production of $92 million during the quarter. Assured Guaranty returned $147 million to shareholders in the fourth quarter through $131 million in share repurchases covering 1.5 million shares and $16 million in dividends.
For the full year, GAAP net income totaled $503 million, or $10.26 per share, while adjusted operating income was $445 million, or $9.08 per share. Full-year GWP reached $256 million and PVP was $286 million.
Assured Guaranty returned $569 million to shareholders over the course of 2025, consisting of $500 million in repurchases of 5.8 million shares and $69 million in dividends.
Accelerant Holdings, a data-driven specialty insurance firm, released preliminary unaudited results for the fourth quarter and full year ended Dec. 31, 2025.
Exchange written premium for the fourth quarter is expected to reach $1.09 billion, a 24% increase from the same period in 2024. Third-party direct written premium is expected to represent 40% of exchange written premium, up from 21% a year earlier.
Fourth-quarter revenue is expected to come in at $248 million, a 30% increase year over year, while adjusted EBITDA is expected to be $71 million, up 52% from the prior-year quarter.
For the full year, exchange written premium is expected to total $4.19 billion, a 35% increase from 2024. Full-year revenue is expected to reach $913 million, up 51%, and adjusted EBITDA is expected to be $282 million, a 149% increase compared to the prior year.
Third-party direct written premium for the full year is expected to account for 30% of exchange written premium, compared to 16% in 2024.
