Baldwin CEO has 1,967 shares withheld for taxes

Baldwin Insurance Group, Inc. CEO Trevor Baldwin reported routine tax-related share dispositions.

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. CEO Trevor Baldwin reported routine tax-related share dispositions. On March 15, 2026, a total of 1,967 shares of Class A common stock were withheld by the issuer to satisfy income tax obligations tied to vesting of restricted stock.

These transactions, coded "F", are not open-market sales but payments of tax liability by delivering shares. After these withholdings, Baldwin directly holds 104,549 Class A shares and indirectly holds 27,676 Class A shares through the TLB 2020 Trust.

Insider Trade Summary

Exercise Price or Tax Liability: 1,967 shares

Exercise Price or Tax Liability 3 txns

Insider Baldwin Trevor

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Class A Common Stock	1,297	$21.06	$27K
Exercise Price or Tax Liability	Class A Common Stock	670	$21.06	$14K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 104,549 shares (Direct); Class A Common Stock — 27,676 shares (Indirect, By TLB 2020 Trust)

Footnotes (2)

1. F1. 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. F2. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Baldwin Insurance Group (BWIN) report for Trevor Baldwin?

Trevor Baldwin reported two tax-withholding transactions totaling 1,967 Class A shares. On March 15, 2026, the issuer withheld these shares to cover income tax obligations from vesting restricted stock, rather than Baldwin selling shares in the open market.

Were the recent Baldwin Insurance (BWIN) CEO share movements open-market sales?

No, the reported transactions were not open-market sales. Both entries are coded "F" for tax-withholding dispositions, meaning 1,967 shares were withheld by the company to pay income tax on vested restricted Class A common stock previously reported on earlier Forms 4.

How many Baldwin Insurance (BWIN) shares does CEO Trevor Baldwin hold after the latest Form 4?

After the reported transactions, Trevor Baldwin directly owns 104,549 Class A shares. He also has indirect ownership of 27,676 Class A shares through the TLB 2020 Trust, as disclosed, giving a substantial remaining equity position following the tax-withholding events.

What does transaction code "F" mean in the Baldwin Insurance (BWIN) Form 4?

Code "F" indicates shares used to pay taxes or exercise costs. In this case, 1,967 Class A shares were withheld by the issuer to satisfy income tax withholding obligations when restricted stock vested, rather than reflecting discretionary buying or selling activity by the CEO.

What is the role of the TLB 2020 Trust in Baldwin Insurance (BWIN) holdings?

The TLB 2020 Trust holds 27,676 Class A shares indirectly for Trevor Baldwin. This is classified as indirect ownership on the Form 4, separate from his 104,549 directly owned shares, and no new transaction amount is associated with this holding entry on March 15, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/17/2026 - 08:40 PM Learn about SEC filing dates

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^*

Baldwin Trevor

(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)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Chief Executive Officer		Member of 10% Owner Group

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		1,297(1)	D	$21.06	105,219	D
Class A Common Stock	03/15/2026		F		670(2)	D	$21.06	104,549	D
Class A Common Stock								27,676	I	By TLB 2020 Trust

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:

	/s/ Seth Cohen, as Attorney-in Fact, for Trevor Baldwin	03/17/2026
	** 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.
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