The Baldwin Insurance Group, Inc.

and zero on the telephone keypad. As a reminder, this conference has been recorded. It is now my pleasure to introduce your host, Bonnie Bishop, Executive Director, Investor Relations. Please go ahead.

Thank you. Welcome to the Baldwin Group's second quarter 2025 earnings call. Today's call is being recorded. Second quarter financial results, supplemental information and form 10Q were issued earlier this afternoon and are available on the company's website at .Baldwin.com. Please note that remarks made today may include forward-looking statements subject to various assumptions, risks and uncertainties. The company's actual results may differ materially from those contemplated by such statements. For a more detailed discussion, please refer to the note regarding forward-looking statements and the company's earnings release on our most recent form 10Q, both of which are available on the Baldwin website. During the call today, the company may also discuss certain non-GAAP financial measures. For a more detailed discussion of these non-GAAP financial measures and historical reconciliation to the most closely comparable GAAP measures, please refer to the company's earnings release and supplemental information, both of which have been posted on the company's website at .Baldwin.com. I will now turn the call over to Trevor Baldwin, Chief Executive Officer of the Baldwin Group.

Good afternoon, and thank you for joining us to discuss our second quarter results reported earlier today. I'm joined by Brad Hale, Chief Financial Officer, and Bonnie Bishop, Executive Director of Investor Relations. We generated strong overall results in the second quarter with organic revenue growth of 11%, adjusted EBITDA growth of 14%, adjusted EBITDA margin expansion of 60 basis points, and adjusted diluted earnings per share growth of 24%. We paid 57 million of earnouts in cash and have now fully extinguished all earn-out liabilities associated with the partnerships completed during our first five years as a public company. In insurance advisory solutions, overall organic revenue growth accelerated from the first quarter to 10%, driven by strong new business generation. Sales velocity increased from 14% in the first quarter to 22% in the second quarter, bringing -to-date sales velocity to 18%. This represents top-decile new business performance in our industry, with the latest data showing industry median sales velocity of .7% and top quartile at 15.7%. The impact of rate and exposure, or renewal premium change, was muted at 1.3%, reflective of the dramatic reduction in large, cat-exposed coastal property pricing and continued macro uncertainty, partially offset by ongoing rate action and certain litigation-exposed casualty lines of business. From where we sit today, we don't anticipate this backdrop to change in the near term, highlighting the importance of our industry-leading new business generation capabilities to drive sustainable growth over time. In our underwriting capacity and technology solutions segment, organic revenue growth came in at 21%, on top of a very strong 37% in the second quarter of 2024. Driven by continued strength in our multifamily portfolio, which grew commissions and fees at 14%, strong results in certain segments of our homeowners portfolio, our builder and real estate investor products grew commissions and fees by 25% and 35%, respectively, in the quarter, and Juniper Reef, which achieved -over-year revenue growth of over 100% in the quarter. These more than offset growing headwinds in our E&S Homeowners book, as we have maintained underwriting discipline amidst increased pricing pressure and competition, a dynamic we do expect to persist over the remainder of the year. In April, we announced the finalization of the -party-led capitalization of our builder reciprocal insurance exchange, named BREW for short, and in July, we began the migration of the builder book away from QBE. Additionally, following the transaction we announced with HIPPO, we have begun work with the HIPPO and Spinnaker teams on a second builder program. Over time, we expect it will materially increase our capture of Westwood's builder business into proprietary MSI programs, which sits at around 30% today. This should unlock a meaningful growth opportunity for our MGA and expand vital insurance capacity for our builder partners and their homebuyer customers. Also, in April, within the UTCF segment, we completed a strategically important partnership with Multistrat, a Bermuda-based reinsurance MGA platform focused on managing alternative reinsurance capacity. This partnership adds an important capability to source alternative reinsurance capital for our seeded clients and MGA business on a commissions and fees basis, while delivering a track record of attractive, uncorrelated returns to our capital partners. We are incredibly excited to welcome the Multistrat team and look forward to the strategic contributions they will make towards fulfilling our -the-future strategy. In our Main Street Insurance Solutions segment, organic revenue growth was flat versus the prior year, driven by two factors. As we've discussed on prior calls, May 1st marked the inception of the reduced commission rates on our builder business with QBE, which flows directly to Westwood and through our MIS P&L. While this will be a headwind for the balance of 2025 and the first half of 2026 to both MIS revenue and margin, the -over-year impact will normalize starting after the second quarter of 2026. So what is a one-time headwind for the next 12 months will then become a revenue and margin tailwind for the following 24 months. Second, after a strong start to the year with record new business in the first quarter from the 2024 annual enrollment period, our Medicare business experienced headwinds in the second quarter as disruption across the managed care landscape, particularly amongst a number of large Medicare Advantage plan providers resulted in elevated turnover in our renewal book of business. We expect this pressure on our renewal book to persist for the balance of 2025, after which we expect the market to stabilize heading into next year based on announced increased government funding levels. While our Medicare business is a relatively small part of our overall enterprise at 60 million of annual revenue, it remains well positioned to continue driving profitable growth in 2026 and beyond as we continue to grow our agent base, expand our offerings, and further bolster our technology resources to support agent success. We remain very bullish on the growth prospects of our MIS business and are particularly excited about the increasing momentum we are seeing across our strategic growth initiatives. Through the second quarter, our mortgage and real estate embedded business has successfully implemented seven new embedded partners, six of which were launched in the second quarter. Additionally, we're excited to announce that in the third quarter, we will officially go live as the exclusive embedded insurance provider with a top 20 national mortgage originator. This marks a major milestone to the business and should become a tailwind for MIS organic growth in 2026 and beyond. Our pipeline of new embedded partners in the mortgage and real estate channel is as strong as we have seen yet with our implementation backlog already into 2026. Our growing momentum in the mortgage and real estate channels, market leading position in the builder channel, and access to purpose-built and proprietary insurance products through our MGA increases our confidence and our ability over time to build the leading personal lines distribution platform in the $500 billion premium U.S. personal lines market, a truly massive opportunity. On July 1st, we completed the acquisition of HIPAA's Home Builder Distribution Network. I'd highlight three benefits from this acquisition. First, Westwood acquired eight new home builder partners and as a result, now powers the home insurance experience for 20 of the top 25 home builders across the country. Second, as I mentioned earlier, MSI entered into both a program administrator agreement and claims administration agreement with HIPAA and its affiliates and is now actively collaborating with those teams to develop a new home builder program that will complement our existing brie offering and provide additional proprietary capacity for Westwood's builder partners. Lastly, HIPAA and its affiliates, including Spinnaker, will provide incremental fronting and reinsurance capacity in support of MSI's existing and future programs. We look forward to a continued and growing relationship with the entire HIPAA team. In summary, we're pleased with our second quarter results despite the macro uncertainty and insurance market dynamic to play. While we expect we will continue to face a challenging insurance marketplace throughout the balance of the year, we remain focused on prudently managing the business to ensure we deliver on our margin expansion goals for the year and continue to position the business for profitable double digit organic growth over time. We extend our gratitude to our clients for entrusting us to deliver guidance, expert advice and innovative solutions to navigate ever evolving risks. Our appreciation also goes to our colleagues for their unwavering dedication and commitment to achieving impactful results for both our clients and our insurance company partners. With that, I will turn it over to Brad who will detail our financial results.