Three insurance-related companies have shared their financial results for the final quarter and the full year of 2025, all showing growth in revenue across their businesses.
The Baldwin Group, which distributes insurance independently, reported revenue of $347.3 million in the last three months of 2025, marking a 5% rise compared to the same time the year before. The company’s organic revenue growth was 3% for the quarter. Despite a GAAP net loss of $43.7 million, or 37 cents per diluted share, it posted a healthy adjusted net income of $36.3 million, with adjusted earnings per share increasing 15% to 31 cents. Adjusted EBITDA grew by 10% to $69.6 million, and adjusted free cash flow surged 85% to $11 million.
Looking at the full year, Baldwin’s revenue reached $1.5 billion, up 8%, with organic growth hitting 7%. The company recorded a net loss of $54.2 million under GAAP but had an adjusted net income of nearly $199 million. Full-year adjusted earnings per share rose 11% to $1.67. Adjusted EBITDA was $341.5 million, a 9% increase, with a margin of 22.7%. On a pro forma basis, adjusted EBITDA stood at $352.5 million, up 13%, while free cash flow totaled $87.2 million.
Assured Guaranty posted a GAAP net income of $119 million, or $2.53 per share, for the last quarter of 2025. Adjusted operating income was slightly lower at $109 million, or $2.32 per share. Shareholders’ equity per share was $125.32 at year-end, with adjusted operating shareholders’ equity and book value per share at $126.78 and $186.43 respectively. During the quarter, the company wrote $61 million in gross premiums and had $92 million in present value of new business production. Assured Guaranty returned $147 million to shareholders via $131 million in share buybacks and $16 million in dividends in the fourth quarter.
For the full year, Assured Guaranty earned $503 million in GAAP net income, or $10.26 per share, and $445 million in adjusted operating income, or $9.08 per share. Gross written premiums for the year were $256 million, with present value of new business at $286 million. Overall, the company returned $569 million to shareholders through $500 million in share repurchases and $69 million in dividends.
Accelerant Holdings, which focuses on data-driven specialty insurance, shared preliminary results for the last quarter and year. The company’s exchange written premium for Q4 is expected to hit $1.09 billion, a 24% jump from 2024. Third-party direct written premium made up 40% of that total, nearly doubling from last year’s 21%. Fourth-quarter revenue is forecast to be $248 million, a 30% increase, while adjusted EBITDA is set to rise 52% to $71 million.
For 2025 as a whole, Accelerant’s exchange written premium should reach $4.19 billion, a 35% rise. Revenue is expected to climb 51% to $913 million, with adjusted EBITDA soaring 149% to $282 million. Third-party direct written premium is projected to represent 30% of exchange premiums for the year, up from 16% in 2024.
These results reflect continued growth and strategic shifts across these companies in the insurance sector, highlighting a strong year despite some challenges.