[Form 4] Baldwin Insurance Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Chris Thomas Sullivan, a director of Baldwin Insurance Group, Inc. (BWIN), reported an acquisition of 861 shares of Class A common stock on 10/01/2025 at a reported price of $0. After the transaction the reporting person beneficially owned 82,200 shares. The Form 4 was signed on behalf of Mr. Sullivan by an attorney-in-fact on 10/03/2025. The filing shows no derivative transactions and contains no additional remarks.

Positive

• Director acquisition of 861 Class A shares reported
• Beneficial ownership increased to 82,200 shares following the transaction

Negative

• None.

Insights

Corporate Governance Analyst

Director reported a small non‑priced share acquisition increasing beneficial ownership to 82,200 shares.

The Form 4 shows Chris Thomas Sullivan acquired 861 Class A shares on 10/01/2025 with a reported price of $0. No derivative securities were reported.

This filing is a routine insider disclosure that updates ownership levels for a company director; it documents a change but does not disclose consideration or a planned change in control.

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^*

SULLIVAN CHRIS THOMAS

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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	10/01/2025		A		861	A	$0	82,200	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:

Remarks:

	/s/ Seth Cohen, as Attorney-in-Fact, for Chris Thomas Sullivan	10/03/2025
	** 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.

FAQ

What did the Baldwin Insurance Group (BWIN) Form 4 filed by Chris Thomas Sullivan disclose?

The filing discloses an acquisition of 861 Class A shares on 10/01/2025, a reported price of $0, and total beneficial ownership of 82,200 shares after the transaction.

What is the relationship of the reporting person to BWIN?

The Form 4 identifies the reporting person, Chris Thomas Sullivan, as a Director of Baldwin Insurance Group, Inc.

Were any derivative securities reported in this Form 4 for BWIN?

No. The filing shows no derivative securities (Table II is empty) and reports only the Class A common stock transaction.

When was the Form 4 signed and by whom?

The Form 4 was signed on behalf of the reporting person by Seth Cohen, as Attorney-in-Fact on 10/03/2025.

Does the Form 4 explain the nature of the transaction or price paid?

The filing lists Transaction Code V and a reported price of $0, but it contains no additional remarks explaining the transaction circumstances.