Baldwin Insurance (BWIN) CEO awarded shares; 30,288 withheld for taxes

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. Chief Executive Officer Trevor Baldwin received an award of 76,972 shares of Class A common stock as an annual bonus for the fiscal year ended December 31, 2025. The award was granted at a stated price of $0.00 per share.

To cover income tax withholding obligations tied to this stock bonus, the issuer withheld 30,288 shares at $22.29 per share in a tax-withholding disposition. After these transactions, Baldwin directly owns 106,516 shares, and an additional 27,676 shares are held indirectly through the TLB 2020 Trust.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Baldwin Trevor

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	76,972	$0.00	--
Tax Withholding	Class A Common Stock	30,288	$22.29	$675K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 136,804 shares (Direct); Class A Common Stock — 27,676 shares (Indirect, By TLB 2020 Trust)

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
Estimated average burden
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^*

Baldwin Trevor

(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
X	Officer (give title below)	X	Other (specify below)
	Chief Executive Officer		Member of 10% Owner Group

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		76,972(1)	A	$0	136,804	D
Class A Common Stock	03/03/2026		F		30,288(2)	D	$22.29	106,516	D
Class A Common Stock								27,676	I	By TLB 2020 Trust

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 Trevor Baldwin	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) CEO Trevor Baldwin report in this Form 4?

Trevor Baldwin reported receiving an annual bonus award of 76,972 shares of Class A common stock. The filing also shows shares withheld by the issuer to cover related tax obligations and updates his direct and indirect share ownership positions.

How many Baldwin Insurance Group (BWIN) shares were granted to the CEO as a bonus?

The CEO received a grant of 76,972 shares of Class A common stock as an annual bonus for the fiscal year ended December 31, 2025. This stock award was recorded at a stated price of $0.00 per share in the Form 4 filing.

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

The Form 4 shows a disposition of 30,288 shares classified as a tax-withholding transaction. These shares were withheld by the issuer at $22.29 per share to satisfy income tax withholding obligations connected to the CEO’s stock bonus award.

What is Trevor Baldwin’s direct share ownership in Baldwin Insurance Group (BWIN) after the transactions?

Following the bonus grant and tax-withholding disposition, Trevor Baldwin directly owns 106,516 shares of Class A common stock. This updated direct holding reflects both the newly issued bonus shares and the portion withheld by the issuer for tax purposes.

Does Trevor Baldwin have any indirect ownership of Baldwin Insurance Group (BWIN) shares?

Yes. The Form 4 reports that 27,676 shares of Class A common stock are held indirectly for Trevor Baldwin through the TLB 2020 Trust. This indirect position is separate from his directly owned shares reported in the same filing.

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

Code A indicates a grant, award, or other acquisition of 76,972 shares as compensation. Code F reflects 30,288 shares used to pay income tax withholding by delivering stock back to the issuer, rather than an open-market sale transaction.