BWIN — what changed in the latest 10-Q
A section-by-section comparison of BWIN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-30 vs the prior 10-Q · 2026-05-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +60 | −46 | ~32 | 55 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 4 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-30
•Mainstreet Insurance Solutions (“MIS”) offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities, with a focus on accessing clients via sheltered distribution channels, which include, but are not limited to, new home builders, r…
Commissions and fees increased $230.9 million, or 29%, for the year-to-date period ended June 30, 2026 compared to the same period of 2025, driven by commissions and fees contributed by partnership activity of $218.2 million, organic growth in core commissions and fees of $11.0 million and organic p…
Colleague compensation and benefits expense increased $68.9 million, or 35%, for the quarter ended June 30, 2026 compared to the same period of 2025. Partnership activity contributed $69.8 million to the increase in colleague compensation and benefits. After excluding partnership activity, colleague…
Colleague compensation and benefits expense increased $154.4 million, or 39%, for the year-to-date period ended June 30, 2026 compared to the same period of 2025. Partnership activity contributed $139.9 million to the increase in colleague compensation and benefits. After excluding partnership activ…
Other operating expenses increased $37.9 million for the quarter ended June 30, 2026 compared to the same period of 2025. Partnership activity contributed $16.4 million to the increase in other operating expenses. After excluding partnership activity, other operating expenses increased $21.6 million…
Text removed vs the prior filing · source: 10-Q · 2026-05-04
In January 2025, we received final approval and a Certificate of Authority from the Texas Department of Insurance to form a Texas-domiciled reciprocal insurance exchange (the “Reciprocal”). Baldwin holds an investment in Builder Risk Management, LLC, which serves as the Attorney-in-Fact (the “AIF”) …
UCTS includes TBG Assurance Company, LLC, a wholly-owned protected cell captive insurance company (“PCC”) domiciled in Tennessee, which was established to allow Baldwin to further participate in the underwriting results of a small portion of its MGA programs. The PCC allows for the creation of multi…
•Mainstreet Insurance Solutions (“MIS”) offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities, with a focus on accessing clients via sheltered distribution channels, which include, but are not limited to, new home builders, r…
Loss on extinguishment and modification of debt(7,409)(2,394)(5,015)n/m
Colleague compensation and benefits expense increased $85.6 million, or 43%, year over year. Partnership activity contributed $70.1 million, or 35%, to the increase in colleague compensation and benefits in 2026. After excluding partnership activity, colleague compensation and benefits increased $15…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice