BWIN Form 4: Director Jay A. Cohen Reports 861-Share Acquisition

Rhea-AI Filing Summary

Jay A. Cohen, a director of Baldwin Insurance Group, Inc. (BWIN), reported a non‑derivative transaction dated 10/01/2025 in which 861 shares of Class A common stock were acquired under code V. The filing shows 15,141 shares beneficially owned by Mr. Cohen after the transaction. The Form 4 was signed by Seth Cohen as attorney‑in‑fact on 10/03/2025.

Positive

• Insider ownership increased to 15,141 shares
• 861 shares were acquired under transaction code V, indicating vesting/issuance

Negative

• None.

Insights

Corporate Insider / Governance Analyst

Insider reported vesting/issuance of 861 shares, increasing holdings to 15,141.

The Form 4 records a non‑derivative acquisition under transaction code V, which typically denotes vesting or conversion of previously awarded equity rather than an open‑market purchase. This increases the director's reported stake to 15,141 shares, a factual disclosure of insider ownership.

This filing is routine disclosure of insider activity and provides transparency on share ownership; it does not in itself disclose cash consideration or strategic corporate changes.

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

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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^*

Cohen Jay A

(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	15,141	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 Jay A. Cohen	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 Jay A. Cohen report in the Form 4 for BWIN?

The Form 4 reports that 861 shares of Class A common stock were acquired on 10/01/2025 and that Mr. Cohen beneficially owns 15,141 shares following the transaction.

What does transaction code V mean on this Form 4?

The filing shows transaction code V. The Form 4 lists the code as reported; the document does not provide an expanded definition within the text.

Was any purchase price disclosed for the 861 shares?

The Form 4 lists a price of $0 for the 861 shares in the non‑derivative section as reported in the filing.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Seth Cohen, as attorney‑in‑fact for Jay A. Cohen, on 10/03/2025.

Does the Form 4 show any derivative securities transactions for Jay A. Cohen?

No. Table II for derivative securities in the filing contains no reported transactions.