Baldwin (BWIN) executive awarded 28,913 shares; 10,232 withheld for taxes

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. executive Daniel Galbraith reported share-based compensation and a related tax withholding transaction in Class A common stock. He received 28,913 shares on March 3, 2026 as an annual bonus for the fiscal year ended December 31, 2025, at a stated price of $0.00 per share. To cover income tax withholding obligations tied to this bonus, 10,232 shares were withheld by the company at $22.29 per share. After these transactions, Galbraith directly owned 44,444 shares of Class A common stock.

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^*

Galbraith Daniel

(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)	X	Other (specify below)
	See Remarks		See Remarks

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		28,913(1)	A	$0	54,676	D
Class A Common Stock	03/03/2026		F		10,232(2)	D	$22.29	44,444	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:

President, The Baldwin Group and CEO, Retail Brokerage Operations; Member of 10% owner group

	/s/ Seth Cohen, as Attorney-in Fact, for Daniel Galbraith	03/05/2026
	** 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 insider transactions did Daniel Galbraith report at Baldwin Insurance Group (BWIN)?

Daniel Galbraith reported receiving a stock bonus and a related tax withholding. He was granted 28,913 Class A shares as an annual bonus, and 10,232 shares were withheld by the company to satisfy income tax obligations on that award.

Was the Baldwin Insurance Group (BWIN) insider transaction a stock purchase or award?

The filing shows a stock award, not an open-market purchase. Galbraith received 28,913 Class A shares as an annual bonus for the fiscal year ended December 31, 2025, with no cash price paid, reflecting equity-based compensation.

Why were 10,232 Baldwin Insurance Group (BWIN) shares disposed of in Galbraith’s Form 4?

The 10,232 Class A shares were withheld by Baldwin Insurance Group to cover income tax withholding obligations related to the stock bonus. This is recorded as a tax-withholding disposition rather than a discretionary sale into the market.

How many Baldwin Insurance Group (BWIN) shares does Daniel Galbraith own after these transactions?

After the reported award and tax withholding, Daniel Galbraith directly owns 44,444 shares of Baldwin Insurance Group Class A common stock. This figure reflects the 28,913-share bonus grant minus the 10,232 shares withheld for taxes.

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

Code A represents a grant or award acquisition of shares, here the 28,913-share bonus. Code F represents shares withheld by the issuer to pay taxes, covering the 10,232 shares used to satisfy income tax withholding obligations.