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Captive Insurance Operations (Notes) | 6 Months Ended
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Jun. 30, 2026
Insurance [Abstract] |
Captive Insurance Operations | Captive Insurance Operations The Company’s UCTS operating group includes TBG Assurance Company, LLC, a wholly-owned protected cell captive insurance company (“PCC”) domiciled in Tennessee, which was established to allow Baldwin to further participate in the underwriting results of a small portion of its MGA programs. The PCC allows for the creation of multiple independent cells (series) within a single legal entity, TBG Assurance Company, LLC (the “Core”). Effective January 1, 2025, the initial series, MSI Multifamily Series Protected Cell (the “MSI Cell” and, collectively with the Core, the “Captive”), was licensed and participates as a quota share reinsurer on two of MSI’s multifamily programs, renters and master tenant legal liability, for the purpose of further participating in underwriting results. The reinsurance quota share contracts feature an adjustment to assumed premium based on the loss ratio performance of the business assumed. As of June 30, 2026 and December 31, 2025, assumed premium receivable was $27.9 million and $18.5 million, respectively, which is included as a component of assumed premiums, commissions and fees receivable, net on the condensed consolidated balance sheets. As of December 31, 2025, the assumed premium receivable was accounted for as a funds withheld receivable, net of actual claims paid. As of June 30, 2026 and December 31, 2025, assumed premium unearned was $19.3 million and $1.9 million, respectively, which is included as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets. Assumed premium earned was $15.3 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively, and $29.5 million and $9.8 million for the six months ended June 30, 2026 and 2025, respectively. Assumed premium earned is included in commissions and fees in the condensed consolidated statements of comprehensive income (loss). Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such adjustments are made. No such adjustments were made during the six months ended June 30, 2026 or 2025. The table below provides a rollforward of unpaid losses and loss adjustment reserve:
|  | For the Six Months Ended June 30,
(in thousands) |  | 2026 |  | 2025
Balance at beginning of period |  | $ | 13,072 |  |  | $ | — |
Incurred losses and LAE |  | 14,072 |  |  | 8,780 |
Actual claims paid |  | (4,092) |  |  | — |
Balance at end of period |  | $ | 23,052 |  |  | $ | 8,780 |
In December 2024, the initial funding to capitalize the Captive was $12.1 million, provided by Baldwin Holdings substantially in the form of a letter of credit. As of June 30, 2026 and December 31, 2025, the Captive maintained capital in excess of the minimum statutory amount required by regulatory authorities of $32.6 million and $8.0 million, respectively, and the statutory capital and surplus of the Captive, as allowed by prescribed practices by the Tennessee Department of Commerce and Insurance, was $35.0 million and $10.0 million, respectively.

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