Trusts linked to Krystyn sell 119,987 Baldwin (BWIN) Class A shares

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. insider-related trusts reported conversions and sales involving Class A common stock. On March 6, 2026, trusts associated with Elizabeth Krystyn converted LLC Units and Class B common stock into a total of 119,987 shares of Class A common stock at a stated conversion price of $0.00 per share.

The same trusts then executed open-market or private sales of 119,987 Class A shares at $21.25 per share, leaving no shares from those Class A positions outstanding. The securities are held indirectly, including through the Elizabeth H. Krystyn 2017 Revocable Trust, where she is sole trustee and beneficiary, and the Elizabeth H. Krystyn 2019 Irrevocable Trust, where her spouse serves as sole trustee.

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^*

Krystyn Elizabeth

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

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2026

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 B Common Stock	03/06/2026		C		90,556	D	$0	1,350,100	I	By Trust(1)
Class A Common Stock	03/06/2026		C		90,556	A	$0	90,556	I	By Trust(1)
Class A Common Stock	03/06/2026		S		90,556	D	$21.25	0	I	By Trust(1)
Class B Common Stock	03/06/2026		C		29,431	D	$0	446,912	I	By Trust(2)
Class A Common Stock	03/06/2026		C		29,431	A	$0	29,431	I	By Trust(2)
Class A Common Stock	03/06/2026		S		29,431	D	$21.25	0	I	By Trust(2)

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
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	03/06/2026		C			90,556	(3)	(3)	Class A Common Stock	90,556	$0	1,350,100	I	By Trust(1)
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	03/06/2026		C			29,431	(3)	(3)	Class A Common Stock	29,431	$0	446,912	I	By Trust(2)

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. 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.

3. 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	03/06/2026
	** 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).
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FAQ

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

Trusts associated with Elizabeth Krystyn converted derivative interests into Class A common stock and then sold those shares. The filing shows conversions and open-market or private sales totaling 119,987 Class A shares at $21.25 per share, all reported as indirect holdings through trusts.

How many Baldwin (BWIN) Class A shares were sold and at what price?

The filing reports sales of 119,987 shares of Baldwin Class A common stock. These sales were executed at a price of $21.25 per share, and they were reported as open-market or private transactions by trusts associated with insider Elizabeth Krystyn, not direct personal holdings.

Were the BWIN insider transactions open-market sales or something else?

The Form 4 describes the two non-derivative dispositions as open-market or private sales. Both are coded as “S” transactions, each labeled as a sale in open market or private transaction, involving 90,556 and 29,431 Class A shares at $21.25 per share.

What role did derivative securities play in the BWIN Form 4 transactions?

The transactions began with conversions of derivative securities. LLC Units in The Baldwin Insurance Group Holdings, LLC and paired Class B common stock were converted into Class A common stock at a stated price of $0.00 per share, before the resulting Class A shares were subsequently sold by the trusts.

How are the Baldwin (BWIN) shares held by or for Elizabeth Krystyn structured?

The securities are reported as indirectly owned through trusts. One block is held by the Elizabeth H. Krystyn 2017 Revocable Trust, where she is sole trustee and beneficiary, and another by the 2019 Irrevocable Trust, where her spouse Enrique M. Fueyo serves as sole trustee, according to the footnotes.

Does the Form 4 show Elizabeth Krystyn as directly buying BWIN shares?

The Form 4 does not show open-market purchases of shares. Instead, it reports conversions of derivative interests into Class A common stock at $0.00 per share and subsequent sales, all categorized as indirect ownership through trusts rather than direct purchases in the market by Krystyn herself.