DFO Management, led by Dell CEO Michael Dell, is in advanced talks to take The Baldwin Insurance Group private, the Financial Times reported on Sunday, citing people familiar with the matter. The potential transaction is expected to value the U.S. insurance distributor at a premium, although Reuters could not immediately verify the report. Baldwin, valued at around $4.14 billion according to LSEG data, provides risk management, insurance advisory and technology-enabled underwriting services. The Tampa-based company said last July that adjusted diluted earnings per share rose 14% year over year to 48 cents in the second quarter of 2025, while revenue increased 30% to $492.9 million.