The Baldwin Group vs biBerk

The 2025 Form 10-K describes The Baldwin Insurance Group, Inc. as an insurance distribution firm and holding-company parent and sole managing member of The Baldwin Insurance Group Holdings, LLC. That filing uses “Baldwin” for the Inc. parent and its consolidated subsidiaries and affiliates. The January 1, 2026 transparency disclosure defines “The Baldwin Group” as Holdings LLC and its affiliated entities; the September 14, 2026 investor release uses “The Baldwin Group” as the brand for the Inc. parent and affiliates. These source-specific group descriptions do not identify the licensed producer or insurer for a particular policy. ^1,2,9Company-reported. The Baldwin Group's consolidated US and international corporate group as described in its 2025 filing; not a claim that the parent company is the licensed producer, managing general agent, or insurer for any particular policy.

On September 14, 2026, The Baldwin Insurance Group, Inc. entered a merger agreement with The Baldwin Insurance Group Holdings, LLC (“OpCo LLC”), Square Acquisition Parent, Inc. (“Parent”), Square Acquisition Merger Sub I, Inc. (“Merger Sub”), and Square Acquisition Merger Sub II, LLC (“LLC Merger Sub”). The SEC filing says Parent is wholly owned by Sequence AI Holdings, Inc. DFO Management, LLC and affiliated investment entities committed equity financing to Parent; DFO is not identified as Parent’s owner. Subject to the agreement’s conditions, LLC Merger Sub will merge into OpCo LLC and OpCo LLC survives; Merger Sub will merge into the Company, which survives as a wholly owned subsidiary of Parent. The agreement separately calls for OpCo LLC to form Seller LLC, which forms Seller Intermediate and Seller Merger Sub; after the initial mergers, Seller Merger Sub will merge into OpCo LLC. Seller Merger Sub is distinct from Square Acquisition Merger Sub II, LLC. The filing also says that Holders, as defined in the Stockholders Agreement, of a majority of the Class B shares held by those Holders executed a written consent; approval by holders of at least a majority of outstanding voting shares remained a closing condition. On September 28, 2026, Baldwin’s site still carried the go-private announcement and its release forecast a Q1 2027 close; these sources do not establish a completed acquisition. ^11,12,9,10Company-reported. The signed control transaction as named and described in the September 14, 2026 SEC Form 8-K and merger agreement; status retained as pending on the packet review date, September 28, 2026. DFO is identified as an equity financier to Parent, not as Parent’s owner in the reviewed filing.

Baldwin’s License page has a “Legal Entity | CA License Number” table listing six entities and their California numbers. The page does not identify license class or current status, or map an entry to a particular product, policy, or placement. ²⁵Company-reported. Baldwin’s own California-number disclosure, accessed September 29, 2026; license class, current status and placement-specific authority are not stated.

biBerk says it sells small-business insurance directly without an insurance broker. This is its company-reported channel description. Its California/Massachusetts notice names four insurers collectively as issuing most policies and lists each insurer’s licensed jurisdictions, but does not identify the insurer for a particular transaction, product, or policy or guarantee product availability in a jurisdiction. ^26,27Company-reported. Company-reported description of biBerk’s U.S. small-business sales channel on its About page; not a claim about every transaction, product route, producer role, or policy issuer.

Baldwin’s business-insurance quote page shows a three-step online intake. Its visible first step asks for a revenue band, company and headquarters details, and contact information; the “Get a quote” link points to app.foundershield.com. Baldwin’s business page and contact page also invite prospects to speak with an advisor. The reviewed evidence does not establish a completed quote, purchase, or policy bind through this route. ^5,6,3,7Company-reported. The specific business-insurance quote page inspected on September 28, 2026; the first of three steps was visible and its quote link pointed to app.foundershield.com. Do not generalize this route to all Baldwin commercial prospects or products.

biBerk describes an online path in which a business answers questions, chooses coverage, and pays online; it also says applicants can speak with an insurance expert. Its homepage says availability depends on the state and type of insurance; the description does not establish that every applicant can complete or bind online. ^28,26Company-reported. Company-described online quote and purchase route and expert assistance for U.S. small-business applicants. The homepage states that availability depends on state and type of insurance; this is not a claim that every applicant can complete an online purchase or bind coverage.

Baldwin’s current commercial pages list or describe a range of business coverage for named sectors, including professional services, transportation, government contractors, real estate, digital infrastructure, construction, and M&A. These are company-described lines or considerations for those audiences, not a universal catalogue or a statement that every line is available to every buyer. ^{18,21,19,17,15,22,23}Company-reported. Company marketing pages for the named sectors; the listings do not establish policy wording, eligibility, jurisdictional availability or insurer commitments.

biBerk offers cyber and data-breach protection as an add-on to General Liability, Professional Liability, or a Business Owners Policy (BOP); the page does not present this as a stand-alone product. The types of response expenses and affected-person services depend on the selected base policy and terms. ³⁰Company-reported. Entity: biBerk brand. Product: small-business cyber add-on. Jurisdiction and availability depend on state and underwriting. Company-reported page description; the issued policy and endorsement control coverage.

biBerk describes its small-business BOP as combining General Liability and commercial property in one policy. Its page gives examples of third-party injury/property-damage liability and protection for buildings or leased space, contents, inventory, tools, and business income after covered property damage; the issued policy controls. ³¹Company-reported. Entity: biBerk brand. Product: small-business Business Owners Policy. State availability and exact terms depend on underwriting and the issued policy. Company-reported coverage description, not a policy-form determination.

biBerk says its umbrella coverage applies only when the claim concerns coverage included in an appropriate underlying liability policy and that policy’s limits have been reached. An umbrella does not add a line such as commercial auto when the required underlying auto coverage is absent; the issued terms control. ³²Company-reported. Entity: biBerk brand. Product: small-business umbrella/commercial excess. In New York, biBerk calls it commercial excess. Underlying coverage and exhaustion conditions are company-described; confirm the scheduled underlying policies and issued terms.

biBerk’s commercial-auto page lists bodily-injury and property-damage liability, medical-payments/no-fault, uninsured-motorist, comprehensive, and collision coverage examples for business vehicles. Which options apply depends on the policy selected and issued. ³³Company-reported. Entity: biBerk brand. Product: small-business commercial auto. Vehicle eligibility and availability depend on underwriting and state; page examples do not establish coverage under an individual policy.

biBerk markets General Liability insurance for small businesses and says it is offered in many states. The page does not establish availability or eligibility for a particular business or state. ³⁶Company-reported. Entity: biBerk brand. Product: marketed small-business General Liability line. This is a catalogue-membership claim only, not a reviewed detailed-offering conclusion or coverage determination.

biBerk markets Professional Liability insurance, also called Errors and Omissions (E&O), for businesses seeking protection over alleged errors or omissions in professional services. This is a catalogue-membership statement, not a determination of terms or eligibility. ³⁸Company-reported. Entity: biBerk brand. Product: marketed small-business Professional Liability/E&O line. This is a catalogue-membership claim only; the page reviewed does not establish individual eligibility or policy terms.

biBerk markets Workers’ Compensation insurance for small businesses and describes quotes and policy purchases online or with an insurance expert. State rules and underwriting determine whether it can quote a particular employer. ³⁷Company-reported. Entity: biBerk brand. Product: marketed small-business Workers’ Compensation line. This is a catalogue-membership claim only, not a reviewed detailed-offering conclusion or coverage determination.

Baldwin’s 2025 Form 10-K says its Insurance Advisory Solutions group provides commercial risk-management and employee-benefits solutions for businesses and private-risk management for high-net-worth individuals and their families. Separately, it describes the consolidated group’s clients as individuals, professionals, businesses including niche industries, and specialty insurers. ¹Company-reported. Customer categories reported for the consolidated group and its Insurance Advisory Solutions operation; not a statement that every Baldwin unit serves each segment or that all businesses qualify for a particular product.

Baldwin says its commercial site has dedicated Centers of Excellence and Practice Groups focused on specific needs and lists industries including aviation and aerospace, construction, energy, financial institutions, healthcare, manufacturing, real estate, retail and wholesale, technology, and transportation. These company-described examples are non-exhaustive and do not establish product availability or eligibility. ⁴Company-reported. Industries publicly listed on Baldwin's commercial-insurance industry page; examples are non-exhaustive and do not establish eligibility for a particular policy.

biBerk targets small businesses across varied industries and lists examples such as accounting, food service, retail, and transportation. The homepage FAQ says availability depends on the state and type of insurance; the industry list is illustrative, not an eligibility guarantee. ^28,26Company-reported. U.S. small-business audience and examples on biBerk’s national site; examples are illustrative. The homepage says availability depends on the state and type of insurance; listed categories do not establish individual eligibility.