One quarter after Tampa-headquartered The Baldwin Group purchased CAC Group br
okerage and reported a $26 million net loss, the brokerage posted just a $1.9 million loss for Q1 2026.
On a per-share basis, Baldwin saw net income of 2 cents. Earnings, adjusted for one-time gains and costs, came to 63 cents per share.
Those results fell short of Wall Street expectations for the publicly traded firm. The averag
e estimate of three analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share, the Associated Press reported.
The company posted revenue of $532 million in the period, up significantly from Q1 o
f 2025, Baldwin’s first-quarter earnings statement noted. But operating income dropped from a net gain of $56 million in early 2025 to a loss of $101 million this year.
The Baldwin Insurance Group shares have dropped nearly 9% since the beginning of this year. In the final minutes of trading on Monday, shares hit $21.97, a decline of 48% in the last 12 months.
“Our first-quarter results demonstrate the durability and accelerating earnings power of our differentiated platform,” Trevor Baldwin said in a statement.
The brokerage, one of the largest in the country, has expanded rapidly in the last year. Besides the CAC Group, Baldwin added an embedded, homebuilder-linked HO insurance program, and acquired the Capstone Group, a brokerage in Pennsylvania.
The city of Baltimore suffered a defeat in its efforts to address the opioid epidemic last wee
k when the Maryland Supreme Court vacated a $152 million public nuisance verdict won by the city against drug distributors McKesson and AmerisourceBergen.
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The state’s high court erased the verdict and returned the case to the Baltimore City Circuit Court, ordering that court to follow the high court’s March 2026 opin
ion (Express Scripts, Inc., et al. v. Anne Arundel County) in which it answered “no” to the question
ctionable public nuisance, which was the legal basis for city’s suit.
The high court in answering that question for a federal court found that companies that have legal licenses to distribute controlled substances cannot be hel
d liable for misuse of those legal drugs as a public nuisance under Maryland common law.
“Maryland has not expanded the public nuisance doctrine beyond the traditional historical prin
ciples embodied in the common law—namely, that a public nuisance action was not regarded as a tort but was instead a public action by
a government entity to pursue criminal prosecutions or seek injunctive relief to abate harmful conduct. The Court has never recognized a government a
ctor’s ability to recover damages for public nuisance,” the high court said in Express Scripts.
The city initially won a $266 million verdict in a trial against McKesson and AmerisourceBergen (
now Cencora) in November 2024. That amount was later reduced to $152 million.
