Internal BIGH, LLC transfer reshapes Baldwin Insurance (BWIN) ownership blocks

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. director and 10% owner Baldwin Lowry reported an internal reallocation of interests tied to BIGH, LLC. BIGH, LLC distributed 35,000 LLC Units in The Baldwin Insurance Group Holdings, LLC and a corresponding 35,000 shares of Class B common stock to one of its members, reducing that member's ownership in BIGH, LLC. Following the transactions, 12,537,590 units and corresponding Class B shares remained indirectly held through BIGH, LLC. Lowry disclaims beneficial ownership of these securities except to the extent of his pecuniary interest. Each LLC Unit, together with a share of Class B common stock, is exchangeable into one share of Class A common stock at any time, and the LLC Units do not expire.

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^*

Baldwin Lowry

(Last) (First) (Middle)

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	X	10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

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	03/02/2026		J(1)		35,000	D	$0(1)	12,537,590(2)	I	By BIGH, LLC

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	03/02/2026		J(1)			35,000	(3)	(3)	Class A Common Stock	35,000	$0(1)	12,537,590(2)	I	By BIGH, LLC

Explanation of Responses:

1. These securities were distributed to a member of BIGH, LLC ("BIGH") in exchange for a corresponding reduction in such member's ownership of BIGH.

2. The reporting person disclaims beneficial ownership in these securities except to the extent of his pecuniary interest therein.

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

Remarks:

Chairman and member of 10% owner group

	/s/ Seth Cohen, as Attorney-in Fact, for Lowry Baldwin	03/04/2026
	** 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).
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FAQ

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

The Form 4 reports an internal reallocation of interests tied to BIGH, LLC. BIGH, LLC distributed 35,000 LLC Units and 35,000 Class B common shares to a member, adjusting that member’s ownership in BIGH, LLC without an open-market buy or sell.

How many Baldwin Insurance (BWIN) securities were involved in the BIGH, LLC distribution?

The distribution involved 35,000 LLC Units in The Baldwin Insurance Group Holdings, LLC and 35,000 shares of Class B common stock. After these transactions, 12,537,590 units and corresponding Class B shares were reported as indirectly held through BIGH, LLC.

Did Baldwin Lowry buy or sell BWIN stock in this Form 4?

No open-market buy or sell occurred in this Form 4. The transactions are coded “J” as other acquisitions or dispositions, reflecting BIGH, LLC’s distribution of 35,000 LLC Units and 35,000 Class B shares to a member rather than a market trade.

Who actually holds the Baldwin Insurance (BWIN) securities reported in this Form 4?

The securities are held indirectly through BIGH, LLC. The filing notes ownership as “By BIGH, LLC,” and Baldwin Lowry disclaims beneficial ownership of these securities except to the extent of his pecuniary interest, indicating they are associated with the LLC rather than held directly.

What can the LLC Units and Class B shares in BWIN be converted into?

Each LLC Unit, together with one share of Class B common stock, may be exchanged into one share of Class A common stock at any time. The filing also states that the LLC Units do not expire, providing ongoing exchangeability into Class A shares.

How many BWIN-related securities remain after these transactions?

After the reported transactions, 12,537,590 LLC Units and corresponding shares of Class B common stock were reported as indirectly owned through BIGH, LLC. This figure reflects holdings following the 35,000-unit and 35,000-share distribution to a BIGH, LLC member.