The Baldwin Group vs Zurich U.S.: How Do They Compare for Business Insurance?

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-reportedThe 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-reportedThe 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-reportedBaldwin’s own California-number disclosure, accessed September 29, 2026; license class, current status and placement-specific authority are not stated.

Zurich U.S. describes its business as commercial property-casualty and specialty insurance solutions and services within Zurich Insurance Group. ^56,57Company-reportedZurich U.S. operating brand; U.S. business; company description, not legal-entity or insurer attribution for an individual policy.

Zurich’s 2026 history page describes a planned transition from Zurich North America to Zurich U.S.; the reviewed page does not give a completion date. ⁶⁰Company-reportedBrand naming only. No Zurich North America alias added pending clear evidence of completion.

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-reportedCustomer 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-reportedIndustries publicly listed on Baldwin's commercial-insurance industry page; examples are non-exhaustive and do not establish eligibility for a particular policy.

Zurich U.S. describes serving Middle Market businesses and large or national accounts across industries including automotive, agriculture, construction, manufacturing and technology. ^56,61Company-reportedCompany-reported U.S. customer positioning; examples do not establish that a specific risk is eligible.

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-reportedThe 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.

Zurich directs commercial buyers to agents and brokers and provides a locator. The reviewed pages do not establish a general direct online purchase flow. ^61,62Company-reportedZurich U.S. commercial customer route; reviewed agent/contact pages; not a conclusion that direct placement is unavailable in every program.

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-reportedThe 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-reportedPublic contact and service entry points on Baldwin's US-facing site; portal capabilities and service timing were not established by the page.

Zurich describes an online portal for existing customers to view policy documents and endorsements, track claims, review risk-improvement actions and contact Zurich. The reviewed pages do not explain renewal handling. ⁶³Company-reportedCompany-described My Zurich functions for existing policyholders; renewal details were not found in these reviewed pages.