Baldwin Insurance (BWIN) CAO has 389 shares withheld for taxes

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. Chief Accounting Officer Corbyn N. Lichon reported routine tax-related share dispositions. On March 15, 2026, a total of 389 Class A common shares were withheld by the company at $21.06 per share to satisfy income tax obligations tied to vesting restricted stock. After these withholdings, Lichon directly holds 55,258 Class A shares.

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^*

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)
03/15/2026

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	03/15/2026		F		102(1)	D	$21.06	55,545	D
Class A Common Stock	03/15/2026		F		121(2)	D	$21.06	55,424	D
Class A Common Stock	03/15/2026		F		96(3)	D	$21.06	55,328	D
Class A Common Stock	03/15/2026		F		70(4)	D	$21.06	55,258	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. Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 3, 2024.

2. Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 4, 2023.

3. Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 5, 2022.

4. Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on May 5, 2021.

Remarks:

	/s/ Seth Cohen, as Attorney-in-Fact, for Corbyn Lichon	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Baldwin Insurance Group (BWIN) disclose in this Form 4 for Corbyn N. Lichon?

The Form 4 shows Chief Accounting Officer Corbyn N. Lichon had 389 Class A shares withheld on March 15, 2026 to cover income taxes on vesting restricted stock, a routine compensation-related transaction rather than an open-market trade.

How many Baldwin Insurance (BWIN) shares were withheld for taxes and at what price?

A total of 389 Class A common shares were withheld across four entries, each priced at $21.06 per share. These withholdings satisfied income tax obligations related to the vesting of previously granted restricted Class A common stock.

Does this Baldwin Insurance (BWIN) Form 4 show an open-market sale by Corbyn N. Lichon?

No, the transactions are coded “F” and described as payment of tax liability by delivering securities. Footnotes explain the shares were withheld by the issuer to satisfy income tax withholding obligations on vesting restricted stock, not sold in the open market.

How many Baldwin Insurance (BWIN) shares does Corbyn N. Lichon own after these transactions?

Following the March 15, 2026 tax-withholding dispositions, Corbyn N. Lichon directly owns 55,258 shares of Baldwin Insurance Group Class A common stock, as reported in the post-transaction ownership figures on the Form 4.

What does the tax-withholding code “F” mean in this Baldwin Insurance (BWIN) Form 4?

Code “F” indicates shares were disposed of to pay exercise price or tax liability. Here, the filing specifies the issuer withheld shares to satisfy income tax withholding obligations connected to vesting restricted Class A common stock previously reported on earlier Forms 4.

Are the Baldwin Insurance (BWIN) tax-withholding transactions linked to earlier restricted stock awards?

Yes, footnotes state the withheld shares relate to income tax obligations from vesting restricted Class A common stock that was reported on Forms 4 filed in 2021, 2022, 2023, and 2024, tying these entries to prior equity awards.