The Baldwin Group vs WTW

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.

For Corporate Risk & Broking engagements governed by its North American terms, WTW says it normally acts as the client’s insurance intermediary. The terms separately disclose that WTW or affiliates may provide insurer-side services, including in some MGA or program-manager arrangements. ^26,27Company-reported. Corporate Risk & Broking engagements governed by WTW’s North American terms. This describes the ordinary role under those terms and the disclosed possibility of separate insurer-side services; it does not establish an insurer-side role in a particular engagement or make every WTW business exclusively buyer-side.

WTW’s US product disclosures name Willis Towers Watson Northeast, Inc. as one of the licensed entities through which the group offers insurance products. WTW plc’s 2025 subsidiary exhibit lists that company among its subsidiaries as of December 31, 2025, but does not identify its direct or intermediate owner. ^28,32Company-reported. WTW group-level US product-distribution disclosure and WTW plc Exhibit 21.1 dated 2025-12-31. “Licensed entity” is the company’s description; neither source verifies current authority by state or line, identifies the producer for a particular placement, or establishes the direct/intermediate ownership chain.

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.

At WTW’s December 2024 Investor Day, management described Risk & Broking as roughly half large business and half middle market and below; the answer did not give a US-specific share. ³⁰Company-reported. Management commentary in the December 3, 2024 Investor Day Risk & Broking Q&A. The answer says “our business”; it does not expressly characterize the split as worldwide, provide a US-specific share or customer count, or guarantee account-tier eligibility.

WTW’s US manufacturing practice says it combines manufacturing expertise and data analytics in insurance-program design, and that its broking specialists have access to the global insurance market to identify insurer partners suited to a client’s risk. ²⁹Company-reported. WTW’s US manufacturing industry page, “How we serve our clients.” This is a company-described practice approach, not independent evidence of actual placement breadth, a guaranteed insurer fit, or a placement outcome.

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.

Under WTW’s North American Corporate Risk & Broking terms, an insurer quote is an offer, not confirmation of coverage, and may change or be withdrawn before the client orders binding. If the client chooses to bind, WTW says it will secure a formal insurer commitment, typically a binder. ^26,27Company-reported. Commercial placements governed by WTW’s North American Corporate Risk & Broking terms, June 1, 2025, p. 4. An insurer commitment/binder follows the client’s order to bind; this does not establish a self-service online journey or promise that a quote will remain available.

For business insurance, Baldwin describes a five-step RiskMap process: insurance analysis, risk identification, insurance strategy, data-informed decisions, and continual assessment and optimization as risks evolve. ³Company-reported. The process described for Baldwin's business-insurance advisory service; a company-described service approach, not an independently measured outcome or guaranteed savings.

Baldwin's contact page provides an existing-policy assistance route that asks for the policy type and the customer's US state, and links to a client portal. The page also directs business-insurance prospects to speak with an advisor. ⁷Company-reported. Public contact and service entry points on Baldwin's US-facing site; portal capabilities and service timing were not established by the page.

WTW’s North American terms say it reviews binders, policies and endorsements against negotiated specifications and client instructions and advises on errors or recommended changes. The terms also expect the client to review those documents. ^26,27Company-reported. Clients governed by WTW’s North American Corporate Risk & Broking terms, June 1, 2025, p. 5. This describes a stated document-review process and the client’s separate essential review duty; it is not a guarantee all errors will be detected or corrected.