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The Baldwin Group Completes Acquisition of Obie

The Baldwin Group Completes Acquisition of Obie

The Baldwin Group announced it has completed the acquisition of Creisoft, Inc. and its subsidiaries, collectively known as Obie. The transaction closed on Jan. 13, 2026. Obie is a Chicago-based embedded insurance distribution business that specializes in insurance solutions for landlords and real estate investors.

The acquisition adds embedded insurance capabilities to Baldwin’s platform and expands its property distribution network across the real estate ecosystem.

Overview of the Acquisition

The Baldwin Group is an independent insurance brokerage and advisory firm that provides insurance solutions for personal and commercial clients. Through this acquisition, Baldwin adds Obie’s technology-driven insurance distribution model to its existing operations.

Obie focuses on integrating insurance into modern real estate transactions. It does so through embedded technology, a streamlined quoting experience, and a nationwide network of independent insurance agents. As a result, real estate investors can access insurance solutions directly within the platforms they already use.

Baldwin’s partnership with Obie also expands embedded insurance distribution capabilities for MSI, Baldwin’s managing general agent. In addition, the transaction strengthens Baldwin’s position in the real estate investor insurance market.

Obie’s Business Model and Growth

Obie serves landlords and real estate investors through multiple distribution channels. These include direct-to-investor digital experiences as well as integrated partner platforms. This flexible approach allows Obie to meet investors where they already operate.

At the same time, the model supports consistent underwriting standards and service quality. Since 2021, Obie has achieved revenue growth of more than 2,100 percent. During that period, the company maintained a fully reserved loss ratio below 50 percent.

Leadership Perspectives

Jim Roche, president of The Baldwin Group and CEO of underwriting, capacity, and technology solutions, said Obie has built a platform that modernizes how landlords and real estate investors secure and manage coverage. He stated that combining Obie’s technology and nationwide distribution reach with Baldwin’s scale and underwriting capabilities supports continued innovation in real estate insurance.

Ryan Letzeiser, co-founder and CEO of Obie, said the acquisition represents a defining moment for the company. He noted that joining The Baldwin Group expands Obie’s ability to offer broader products, services, and scale, while maintaining the focus and expertise of its platform.

Amy Carlisle, president of MSI, said the partnership aligns with MSI’s strategy to deliver specialized insurance solutions through embedded, technology-enabled distribution. She added that Obie has been a key distribution partner for MSI’s real estate investor program and is now part of UCTS.

About The Baldwin Group

The Baldwin Group is the brand name for The Baldwin Insurance Group, Inc. and its affiliates. The company is an independent insurance distribution firm that provides risk management, insurance, and employee benefits solutions. Baldwin represents more than three million clients in the United States and internationally and supports growth through organic and inorganic strategies.

About MSI

MSI, the brand name for Millennial Specialty Insurance, LLC, is one of the largest independent managing general agencies in the United States. MSI offers more than 20 insurance products across personal, commercial, and professional lines. Founded in 2015, MSI joined The Baldwin Group in 2019 and serves more than 1.5 million customers through its distribution partners.

Forward-Looking Statements Disclaimer

The press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially. The Baldwin Group does not undertake any obligation to update forward-looking statements, except as required by law.

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FTC Finalizes Order on GM and OnStar Data Collection and Disclosure Practices

FTC Finalizes Order on GM and OnStar Data Collection and Disclosure Practices

On Jan. 14, 2026, the Federal Trade Commission finalized an order with General Motors and OnStar resolving allegations related to the collection, use, and sale of connected vehicle data. The order follows a complaint first announced in January 2025 and addresses how consumer geolocation and driving behavior data were handled across millions of vehicles.

Background of the FTC Allegations

According to the FTC, General Motors LLC, General Motors Holdings LLC, and OnStar LLC, collectively owned by General Motors Company, used an enrollment process that the agency described as misleading. The FTC alleged that this process enrolled consumers in the OnStar connected vehicle service and the OnStar Smart Driver feature without clearly disclosing key data practices.

Specifically, the complaint alleged that GM collected precise geolocation data and driving behavior data through the Smart Driver feature and sold that information to third parties. The FTC also alleged that GM did not adequately notify consumers or obtain their affirmative consent before collecting and selling this data.

Key Provisions of the Final Order

Under the finalized order, GM is prohibited from sharing certain consumer data with consumer reporting agencies. In addition, the order requires GM to take steps intended to increase transparency and consumer choice regarding connected vehicle data.

The order imposes a five-year ban on disclosing consumers’ geolocation and driver behavior data to consumer reporting agencies. The Commission described this restriction as fencing in relief in light of the alleged conduct.

For the full 20-year duration of the order, GM must also comply with several ongoing requirements:

• Obtain affirmative express consent from consumers before collecting, using, or sharing connected vehicle data, including sharing data with consumer reporting agencies. The order includes limited exceptions, such as providing location data to emergency first responders.
• Create a method for all U.S. consumers to request a copy of their data and to request deletion of that data.
• Allow consumers to disable the collection of precise geolocation data from their vehicles when the vehicle has the necessary technology.
• Provide consumers with a way to opt out of the collection of geolocation and driver behavior data, subject to limited exceptions.

Commission Vote and Process

The Commission voted 2-0 to approve the final order and complaint. As part of the process, the FTC also issued responses to public comments submitted on the matter.

FTC Role and Consumer Advisory

The FTC stated that its work focuses on promoting competition and protecting and educating consumers. The agency reiterated that it does not demand money, make threats, instruct people to transfer funds, or promise prizes. The FTC directs consumers to its official websites for information on consumer topics and for reporting fraud, scams, and deceptive business practices.

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Texas Attached Homes Draw Investor Focus as Pricing and Rent Trends Diverge

Texas Attached Homes Draw Investor Focus as Pricing and Rent Trends Diverge

The U.S. housing market is showing signs of stabilization, with national data indicating steady sales of attached homes and modest growth in detached home sales. According to Cotality, Texas continues to diverge from these broader trends, particularly across housing product lines.

Detached homes in Texas are cooling at a pace that Cotality characterizes as manageable. Attached homes, including condominiums and townhouses, are experiencing steeper price adjustments. Values in this segment declined 4% year over year, a notable reversal from just a few years earlier when attached homes led post-pandemic growth at annual rates exceeding 13%.

Cotality’s Home Price Index data for 2024 to 2025 highlights the contrast:

• Nationwide detached homes increased 1.36%
• Nationwide attached homes declined 0.74%
• Texas detached homes declined 1.71%
• Texas attached homes declined 4.03%

This repricing has reshaped investor behavior across the state.

Investor Activity Shifts Toward Attached Housing

Cotality data shows that Texas investors have shifted their focus toward attached homes as pricing has softened. In 2019, investors in the state slightly favored detached properties. By 2025, that preference reversed.

In 2025, investors accounted for 39.5% of all attached-home purchases in Texas. By comparison, investor share of detached home sales reached 31.8%. The eight-point gap marks a departure from historical patterns, even after accounting for the traditionally lower entry costs and maintenance efficiencies associated with attached housing.

Nationally, investor participation in attached homes averaged 30.5%. Texas therefore exceeded the national average by nearly ten percentage points, according to Cotality.

The data suggest that investor capital is responding to price adjustments within the attached segment, where inventory is now trading at lower valuations than in recent years.

Rental Trends Reinforce Pricing Dynamics

Cotality links the increase in investor activity to conditions in the rental market. While attached home prices in Texas declined more sharply than the national average, rental growth in the state outpaced the rest of the country.

Rental Trends data from Cotality for 2024 to 2025 shows:

• Nationwide rents increased 1.58% while home prices remained flat
• Texas rents increased 2.56% while attached home prices declined 4.03%

Cotality describes this divergence as an arbitrage environment in which purchase prices are declining while rental income is rising. Investors are acquiring properties at lower price points while leasing them at higher market rents. According to Cotality, this dynamic improves yield potential in new acquisitions and affects both short-term cash flow and longer-term performance.

Price Recovery Projected Beginning In 2026

Looking ahead, Cotality’s Home Price Index forecast does not point to prolonged weakness in the Texas attached housing market. Instead, the model indicates a recovery in sales prices beginning in 2026.

The forecast suggests a V-shaped rebound rather than a structural downturn. Attached home prices in Texas are projected to stabilize and return to positive growth, reaching an annual growth rate of approximately 3.2% through 2030.

Cotality notes that the timing of this projected recovery aligns with the current surge in investor interest. The recent price correction has lowered entry points, while forward-looking indicators suggest that price stabilization is forming.

Broader Implications For Other Markets

Although Texas reflects its own set of conditions, including faster permitting processes and higher levels of new supply, Cotality notes that the underlying market mechanics may extend beyond the state.

The pattern of price softening followed by investor reallocation toward yield-producing assets could emerge in other markets if similar conditions develop. According to Cotality, markets where new supply is catching up with demand, affordability pressures are rising, and institutional capital is already active may experience comparable shifts.

Regions such as parts of Florida, Arizona, and the Carolinas may reflect these dynamics if attached home prices soften while rent growth continues to outpace asset values.

As Cotality’s data shows, Texas may serve as an early indicator of how investors respond when pricing corrections and rental growth move in opposite directions across specific housing segments.

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New-Home Prices Reach Four-Year Low as Builders Expand Discounts

New-Home Prices Reach Four-Year Low as Builders Expand Discounts

New-home prices fell to their lowest level in four years during the fall, as builders continued to cut prices and expand incentives amid ongoing affordability challenges, according to a report released by Realtor.com using U.S. Census Bureau data. The report was delayed due to the federal government shutdown in October.

The median sales price for new homes that went under contract in October was $392,300, down 8% from the same period a year earlier and the lowest level since 2021, according to figures cited by the Census Bureau and Realtor.com.

New-home prices have trended downward since late 2022, following a period when affordability challenges priced many buyers out of the market. In response, builders adjusted pricing strategies and increased incentives to attract buyers.

Builders Expand Discounts and Incentives

Builder pricing behavior reflects those affordability pressures. Realtor.com reported that 40% of builders cut prices during the most recent reporting period. Additionally, 67% offered sales incentives, including mortgage rate buydowns, according to the leading survey of homebuilder sentiment.

Joel Berner, senior economist at Realtor.com, said affordability remains the primary constraint in the housing market. He noted that builders are actively delivering lower-priced new inventory, which has helped attract buyers in ways that existing-home sellers have not matched.

Berner also pointed out that new homes have sold for less than existing homes since June, reversing a long-standing trend. Prices for existing homes have remained relatively firm, while builders continue to adjust pricing.

According to Berner, two factors contribute to the shift. Builders tend to be more motivated sellers than homeowners, many of whom choose to delist rather than reduce prices. At the same time, builders continue to deliver smaller and more affordable homes, often in lower-cost areas.

Lower Prices and Rates Support Sales Activity

Sales activity reflected improved affordability conditions. New single-family home sales reached a seasonally adjusted annual rate of 737,000 units in October, according to Realtor.com’s summary of Census Bureau data. While sales were little changed from the prior month, they increased 19% year over year.

Mortgage rates also declined. Freddie Mac data cited by Realtor.com shows average mortgage rates fell to 6.25% in October, down from 6.43% in October 2024.

With a 10% down payment, the typical monthly mortgage payment for new homes sold in October was about $2,170. That figure was roughly $240 lower than the monthly payment for new homes purchased one year earlier.

Regional Sales Trends

Sales performance varied by region. Realtor.com reported that the South posted a 42.1% year-over-year increase in new-home sales, while the Midwest recorded a 21.3% gain. In contrast, sales declined in other regions. The Northeast experienced a 40.0% decline, and the West saw a 24.8% decrease.

Berner noted that regional dynamics can influence national sales figures. Because a large share of new-home sales occurs in the South, strength in that region can offset weaker activity elsewhere. He added that October marked the strongest month of 2025 for new-home sales in the South, even on a non-seasonally adjusted basis.

Report Timing

The October new residential sales report was released later than usual due to the federal government shutdown. Realtor.com noted that the release also included preliminary data for September.

The report outlines current pricing trends, builder activity, mortgage conditions, and regional sales patterns based on the most recent available data.

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