Baldwin Insurance (BWIN) CAO awarded shares; some withheld for taxes

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. chief accounting officer Corbyn N. Lichon reported stock-based compensation and related tax withholding transactions in Class A common stock. Lichon received 9,506 shares as an annual bonus for the fiscal year ended December 31, 2025, at a stated price of $0.00 per share.

The company then withheld 3,395 shares at $22.29 per share to cover income tax obligations tied to this award. After these transactions, Lichon directly owned 55,647 Class A shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Lichon Corbyn N.

Role Chief Accounting Officer

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	9,506	$0.00	--
Tax Withholding	Class A Common Stock	3,395	$22.29	$76K

Holdings After Transaction: Class A Common Stock — 59,042 shares (Direct)

Footnotes (1)

1. These shares of Class A common stock were received by the reporting person as an annual bonus payment for the fiscal year ended December 31, 2025. Represents shares of Class A common stock withheld by the issuer to satisfy income tax withholding obligations in connection with the issuance of the shares of Class A common stock as disclosed in footnote 1.

Form 4 Insider Transactions: What Each Field Means →

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
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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^*

Lichon Corbyn N.

(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)		Other (specify below)
	Chief Accounting Officer

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

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	03/03/2026		A		9,506(1)	A	$0	59,042	D
Class A Common Stock	03/03/2026		F		3,395(2)	D	$22.29	55,647	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. These shares of Class A common stock were received by the reporting person as an annual bonus payment for the fiscal year ended December 31, 2025.

2. Represents shares of Class A common stock withheld by the issuer to satisfy income tax withholding obligations in connection with the issuance of the shares of Class A common stock as disclosed in footnote 1.

Remarks:

	/s/ Seth Cohen, as Attorney-in-Fact, for Corbyn Lichon	03/05/2026
	** 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.

FAQ

What did Baldwin Insurance Group (BWIN) disclose in this Form 4 filing?

Baldwin Insurance Group reported that its CAO, Corbyn N. Lichon, received a stock bonus and had shares withheld for taxes. The filing details the grant of 9,506 shares and the withholding of 3,395 shares of Class A common stock.

How many Baldwin Insurance (BWIN) shares did the CAO receive as a bonus?

The CAO, Corbyn N. Lichon, received 9,506 shares of Baldwin Insurance Group Class A common stock. According to the filing, these shares were granted as an annual bonus for the fiscal year ended December 31, 2025, with a reported price of $0.00 per share.

Why were some Baldwin Insurance (BWIN) shares disposed of in this Form 4?

The filing shows a disposition of 3,395 shares coded as F, meaning tax withholding. These shares were withheld by the issuer at $22.29 per share to satisfy income tax obligations related to the bonus share issuance described in the footnotes.

What is Corbyn N. Lichon’s Baldwin Insurance (BWIN) share ownership after these transactions?

After the grant and tax withholding, CAO Corbyn N. Lichon directly owns 55,647 shares of Baldwin Insurance Group Class A common stock. The Form 4 shows this total as the shares owned following the final reported transaction on March 3, 2026.

What do the transaction codes A and F mean in Baldwin Insurance (BWIN) Form 4?

Code A indicates an award or grant of securities, here reflecting the 9,506-share bonus. Code F represents shares withheld by the company to pay exercise price or tax obligations, covering the 3,395-share tax withholding related to that bonus grant.