Baldwin Insurance (BWIN) officer has 958 shares withheld for tax on vesting

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. officer Daniel Galbraith reported routine share withholdings related to tax obligations, not open-market trading. On March 15, 2026, a total of 958 shares of Class A common stock were withheld by the company to cover income taxes upon vesting of previously granted restricted stock.

The footnotes explain these withholdings relate to restricted Class A common stock originally reported on Forms 4 filed in 2021 and 2022. After these tax-withholding dispositions, Galbraith directly holds 43,486 shares of Class A common stock, indicating a continuing equity position in the company.

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

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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^*

Galbraith Daniel

(Last) (First) (Middle)

C/O THE BALDWIN INSURANCE GROUP, INC.

4211 W. BOY SCOUT BLVD., SUITE 800

(Street)

TAMPA FL 33607

(City) (State) (Zip)

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)	X	Other (specify below)
	See Remarks		See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

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

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

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

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	03/15/2026		F		556(1)	D	$21.06	43,888	D
Class A Common Stock	03/15/2026		F		402(2)	D	$21.06	43,486	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 shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 5, 2022.

2. Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on May 5, 2021.

Remarks:

President, The Baldwin Group and CEO, Retail Brokerage Operations; Member of 10% owner group

	/s/ Seth Cohen, as Attorney-in Fact, for Daniel Galbraith	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Baldwin Insurance Group (BWIN) insider Daniel Galbraith report on this Form 4?

Daniel Galbraith reported tax-related share withholdings, not market trades. A total of 958 Class A common shares were withheld by the company to satisfy income tax obligations arising from vesting of previously granted restricted stock.

How many Baldwin Insurance Group (BWIN) shares were withheld for taxes in Galbraith’s filing?

A total of 958 Class A common shares were withheld for taxes. The filing shows two F-code transactions covering 556 and 402 shares, both used to satisfy income tax withholding obligations tied to restricted stock vesting.

Does the Baldwin Insurance Group (BWIN) Form 4 show Daniel Galbraith selling shares on the open market?

No, the Form 4 does not show open-market sales. Both transactions are code F, described as payment of tax liability by delivering securities, meaning shares were withheld by the issuer rather than sold into the market.

How many Baldwin Insurance Group (BWIN) shares does Daniel Galbraith hold after these transactions?

After the tax-withholding transactions, Galbraith holds 43,486 shares. The Form 4 shows his direct ownership of Class A common stock following the final transaction, indicating a substantial ongoing equity stake in the company.

What do the footnotes in Daniel Galbraith’s Baldwin Insurance (BWIN) Form 4 explain?

The footnotes link the withholdings to prior restricted stock awards. They state the withheld shares satisfied income tax obligations on vesting of restricted Class A common stock originally reported on Forms 4 filed in May 2021 and April 2022.

Are Daniel Galbraith’s Baldwin Insurance Group (BWIN) Form 4 transactions routine compensation events?

The transactions appear as routine tax-withholding events tied to vesting. Both are F-code dispositions for income tax withholding on restricted stock, a common mechanism that does not reflect discretionary buying or selling in the open market.