Baldwin Insurance (BWIN) CAO awarded 2,033 restricted shares vesting 2027–2031

Rhea-AI Filing Summary

Lichon Corbyn N. reported acquisition or exercise transactions in this Form 4 filing.

Baldwin Insurance Group, Inc. reported that Chief Accounting Officer Corbyn N. Lichon received a grant of 2,033 shares of Class A common stock as a stock award. The shares were granted at $0.00 per share, reflecting compensation rather than an open-market purchase.

Following this award, Ms. Lichon directly holds 57,291 shares of Class A common stock. The granted shares are restricted and will vest in five equal installments on January 1 of 2027, 2028, 2029, 2030 and 2031, subject to her continued employment through each vesting date.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lichon Corbyn N.

Role Chief Accounting Officer

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	2,033	$0.00	--

Holdings After Transaction: Class A Common Stock — 57,291 shares (Direct)

Footnotes (1)

1. [object Object]

Key Figures

Restricted shares granted: 2,033 shares Grant price per share: $0.00 per share Shares owned after grant: 57,291 shares +1 more

4 metrics

Restricted shares granted 2,033 shares Class A Common Stock award to CAO on April 1, 2026

Grant price per share $0.00 per share Equity compensation grant, not open-market purchase

Shares owned after grant 57,291 shares Direct Class A Common Stock holdings after transaction

Vesting schedule 5 equal installments Vests on Jan 1 of 2027, 2028, 2029, 2030 and 2031

Key Terms

restricted shares, Class A common stock, vest, Chief Accounting Officer

4 terms

restricted shares financial

"Represents restricted shares of Class A common stock that vest in five equal installments"

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

Class A common stock financial

"Represents restricted shares of Class A common stock that vest in five equal installments"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

vest financial

"that vest in five equal installments on each of January 1, 2027, January 1, 2028"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

Chief Accounting Officer financial

"officer_title": "Chief Accounting Officer""

A chief accounting officer is a senior executive responsible for overseeing a company's financial records and ensuring all accounting practices are accurate and compliant with regulations. They play a key role in preparing financial reports that help investors understand the company's financial health, much like a trusted navigator guiding a ship through complex waters. Their work ensures transparency and trust in the company's financial information.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lichon Corbyn N.

(Last) (First) (Middle)

C/O THE BALDWIN INSURANCE GROUP, INC.

4211 W. BOY SCOUT BLVD., SUITE 800

(Street)

TAMPA FLORIDA 33607

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Baldwin Insurance Group, Inc. [ BWIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	04/01/2026		A		2,033(1)	A	$0	57,291	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted shares of Class A common stock that vest in five equal installments on each of January 1, 2027, January 1, 2028, January 1, 2029, January 1, 2030 and January 1, 2031, in each case subject to Ms. Lichon's continued employment through each vesting date.

Remarks:

	/s/ Seth Cohen, as Attorney-in-Fact, for Corbyn Lichon	04/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Baldwin Insurance Group (BWIN) disclose in this Form 4?

The filing shows Baldwin Insurance Group’s Chief Accounting Officer, Corbyn N. Lichon, received a grant of 2,033 restricted Class A common shares as compensation, at $0.00 per share, increasing her direct holdings to 57,291 shares after the transaction.

How many Baldwin Insurance Group (BWIN) shares were granted to Corbyn N. Lichon?

Corbyn N. Lichon was granted 2,033 shares of Class A common stock. These are restricted shares that form part of her equity compensation and will vest over time rather than being immediately transferable like fully vested common stock.

At what price were the new BWIN shares granted to the Chief Accounting Officer?

The 2,033 Class A common shares were granted at $0.00 per share. This indicates an equity compensation award, not a market purchase, and represents additional ownership provided by the company as part of Ms. Lichon’s compensation package.

What are Corbyn N. Lichon’s Baldwin Insurance Group holdings after this transaction?

After the grant, Corbyn N. Lichon directly holds 57,291 shares of Baldwin Insurance Group Class A common stock. This total includes the newly awarded 2,033 restricted shares, which will vest over several years if employment conditions are satisfied.

How do the granted BWIN restricted shares vest for Corbyn N. Lichon?

The 2,033 restricted shares vest in five equal installments on January 1, 2027, 2028, 2029, 2030 and 2031. Each installment requires Ms. Lichon to remain employed through the applicable vesting date for those shares to become fully vested.

Is this BWIN Form 4 transaction an open-market buy or a compensation award?

The transaction is a compensation award, not an open-market purchase. The Form 4 labels it as a grant or award acquisition at $0.00 per share, indicating equity-based compensation granted by Baldwin Insurance Group to the Chief Accounting Officer.