Michael Dell’s DFO Management nears take-private deal for Baldwin Insurance Group, FT reports

Michael Dell's DFO Management is reportedly close to finalizing a take-private deal for Baldwin Insurance Group, according to a report in the Financial Times on Sunday. The deal is expected to value the U.S. insurance distributor at a premium, according to sources familiar with the matter. However, Reuters was unable to independently verify the report at the time of publication.

Baldwin Insurance Group and DFO Management did not immediately respond to requests for comment. As of LSEG data, Baldwin is valued at around $4.14 billion and offers risk management solutions, insurance advisory, and tech-enabled underwriting services to businesses and individuals. In the second quarter of 2025, Baldwin reported an increase in adjusted diluted earnings per share of 14% year-over-year to 48 cents and total revenue growth of 30% year-over-year to $492.9 million.