How are the Krystyn-related trusts described in the BWIN Form 4 footnotes?

One block of securities is held by the Elizabeth H. Krystyn 2017 Revocable Trust, where she is sole trustee and beneficiary. Another block is held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, where her spouse Enrique M. Fueyo serves as sole trustee, reflecting indirect ownership structures.

Krystyn family trusts trim Baldwin Insurance (BWIN) stake after 202K-share sale

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. insider Elizabeth Krystyn, through family trusts, reported a sequence of conversions and sales of Class A common stock. On May 6, 2026, trusts converted a total of 202,000 LLC units and corresponding Class B common stock into 202,000 shares of Class A common stock.

On May 6–7, 2026, the trusts then executed open-market sales totaling 202,000 Class A shares at weighted average prices around $21.18–$21.20 per share, leaving the reporting person with no indirectly held Class A shares from these trusts after the reported transactions.

Insider Trade Summary

Net Seller: 202,000 shares ($4,281,228)

Net Sell 10 txns

Insider Krystyn Elizabeth

Role null

Sold 202,000 shs ($4.28M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	98,278	$21.20	$2.08M
Sale	Class A Common Stock	31,740	$21.18	$672K
Conversion	LLC Units in The Baldwin Insurance Group Holdings, LLC	152,000	$0.00	--
Conversion	LLC Units in The Baldwin Insurance Group Holdings, LLC	50,000	$0.00	--
Conversion	Class B Common Stock	152,000	$0.00	--
Conversion	Class A Common Stock	152,000	$0.00	--
Sale	Class A Common Stock	53,722	$21.19	$1.14M
Conversion	Class B Common Stock	50,000	$0.00	--
Conversion	Class A Common Stock	50,000	$0.00	--
Sale	Class A Common Stock	18,260	$21.20	$387K

Holdings After Transaction: Class A Common Stock — 0 shares (Indirect, By Trust); LLC Units in The Baldwin Insurance Group Holdings, LLC — 1,198,100 shares (Indirect, By Trust); Class B Common Stock — 1,198,100 shares (Indirect, By Trust)

Footnotes (1)

These securities are directly held by the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017, of which the reporting person is the sole trustee and beneficiary. The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.00 to $21.47. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range. The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.00 to $21.50. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range. These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee. The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.01 to $21.44. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range. The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.00 to $21.48. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range. Each LLC Unit, together with a share of Class B common stock, may be exchanged by the holder for one share of Class A common stock at any time. The LLC Units do not expire.

Key Figures

Shares sold: 202,000 shares Weighted average sale price 1: $21.18/share Weighted average sale price 2: $21.20/share +5 more

8 metrics

Shares sold 202,000 shares Total Class A shares sold in open-market transactions on May 6–7, 2026

Weighted average sale price 1 $21.18/share Class A open-market sale on May 7, 2026

Weighted average sale price 2 $21.20/share Class A open-market sales on May 6–7, 2026

Weighted average sale price 3 $21.19/share Class A open-market sale on May 6, 2026

LLC units converted 202,000 units LLC Units in The Baldwin Insurance Group Holdings, LLC converted on May 6, 2026

Class A from conversions 202,000 shares Class A common stock received via derivative conversions on May 6, 2026

Post-transaction Class A holdings 0 shares Indirect Class A holdings by the trusts after May 7, 2026 sales

Remaining LLC units 1,198,100 units LLC Units in The Baldwin Insurance Group Holdings, LLC held indirectly after conversions

Key Terms

open-market sale, derivative conversion, LLC Units in The Baldwin Insurance Group Holdings, LLC, weighted average price, +2 more

6 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

derivative conversion financial

"transaction_action": "derivative conversion""

LLC Units in The Baldwin Insurance Group Holdings, LLC financial

"security_title": "LLC Units in The Baldwin Insurance Group Holdings, LLC""

weighted average price financial

"The price reported is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

irrevocable trust financial

"the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019"

Revocable Trust financial

"the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017"

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

Form 4 Insider Transactions: What Each Field Means →

05/08/2026 - 04:33 PM

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^*

Krystyn Elizabeth

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/06/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	05/06/2026		C		152,000	D	$0	1,198,100	I	By Trust⁽¹⁾
Class A Common Stock	05/06/2026		C		152,000	A	$0	152,000	I	By Trust⁽¹⁾
Class A Common Stock	05/06/2026		S		53,722	D	$21.19⁽²⁾	98,278	I	By Trust⁽¹⁾
Class A Common Stock	05/07/2026		S		98,278	D	$21.2⁽³⁾	0	I	By Trust⁽¹⁾
Class B Common Stock	05/06/2026		C		50,000	D	$0	396,912	I	By Trust⁽⁴⁾
Class A Common Stock	05/06/2026		C		50,000	A	$0	50,000	I	By Trust⁽⁴⁾
Class A Common Stock	05/06/2026		S		18,260	D	$21.2⁽⁵⁾	31,740	I	By Trust⁽⁴⁾
Class A Common Stock	05/07/2026		S		31,740	D	$21.18⁽⁶⁾	0	I	By Trust⁽⁴⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	05/06/2026		C			152,000	⁽⁷⁾	⁽⁷⁾	Class A Common Stock	152,000	$0	1,198,100	I	By Trust⁽¹⁾
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	05/06/2026		C			50,000	⁽⁷⁾	⁽⁷⁾	Class A Common Stock	50,000	$0	396,912	I	By Trust⁽⁴⁾

Explanation of Responses:

1. These securities are directly held by the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017, of which the reporting person is the sole trustee and beneficiary.

2. The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.00 to $21.47. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

3. The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.00 to $21.50. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

4. These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee.

5. The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.01 to $21.44. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

6. The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.00 to $21.48. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

7. Each LLC Unit, together with a share of Class B common stock, may be exchanged by the holder for one share of Class A common stock at any time. The LLC Units do not expire.

Remarks:

	/s/ Seth Cohen, as Attorney-in Fact, for Elizabeth Krystyn	05/08/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did BWIN reporting person Elizabeth Krystyn report on this Form 4?

Elizabeth Krystyn, via family trusts, reported converting 202,000 LLC units and corresponding Class B shares into 202,000 Class A Baldwin Insurance Group shares, then selling all 202,000 Class A shares in open-market transactions over May 6–7, 2026, at prices around $21 per share.

How many Baldwin Insurance Group (BWIN) shares were sold in the reported transactions?

The filing shows open-market sales totaling 202,000 shares of Baldwin Insurance Group Class A common stock. These sales occurred through trusts associated with Elizabeth Krystyn on May 6 and May 7, 2026, at weighted average prices slightly above $21 per share.

What prices were realized in the BWIN insider sales reported by the Krystyn trusts?

The reported Class A share sales used weighted average prices of $21.18, $21.19 and $21.20 per share. Footnotes explain that individual trades occurred within ranges between approximately $21.00 and $21.50, with full trade-by-trade details available upon request from the issuer or regulators.

What derivative conversions were disclosed in the Baldwin Insurance Group (BWIN) Form 4?

Trusts associated with Elizabeth Krystyn converted 202,000 LLC units in The Baldwin Insurance Group Holdings, LLC, together with corresponding Class B common stock, into 202,000 shares of Class A common stock. These conversions are coded as derivative conversions and carried a stated conversion price of $0.00 per unit.

Did the reporting person retain any Class A shares of BWIN after these transactions?

The Form 4 shows that, following the reported open-market sales on May 7, 2026, the trusts’ indirect holdings of Class A common stock were reduced to zero shares. Other indirect positions, such as LLC units and Class B common stock, remain reflected in the filing after the conversions.