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

Sept 13 (Reuters) — DFO Management, which is associated with Dell CEO Michael Dell, is nearing a take-private transaction involving insurance brokerage The Baldwin Insurance Group, according to a Sunday report by the Financial Times.

The newspaper, citing people familiar with the matter, said DFO Management is in advanced talks with Baldwin over a deal that is expected to value the U.S. insurance distributor at a premium.

Reuters said it could not immediately verify the report. Baldwin Insurance Group and DFO Management did not respond to requests for comment made outside business hours.

According to LSEG data, Baldwin is valued at around $4.14 billion. The company provides risk management solutions, insurance advisory services and technology-enabled underwriting to businesses and individuals.

Tampa-based Baldwin said last July that adjusted diluted earnings per share rose 14% year-over-year to 48 cents in the second quarter of 2025, while total revenue increased 30% year-over-year to $492.9 million.