Baldwin Insurance insider shifts 35,000 LLC units

Q: Was the Baldwin Insurance Group (BWIN) Form 4 transaction a buy or sell?

The Form 4 for Baldwin Insurance Group (BWIN) reports an “other” transaction, not a traditional buy or sell. It reflects a distribution of securities from BIGH, LLC to one of its members, changing ownership allocation inside the LLC rather than open-market trading.

Q: How many Baldwin Insurance Group securities were moved in this BIGH, LLC transaction?

The transaction involved 35,000 LLC Units in The Baldwin Insurance Group Holdings, LLC and 35,000 shares of Class B common stock. After the transaction, BIGH, LLC reported holding 12,537,590 units or shares for each respective security line item.

Q: What do the footnotes in the Baldwin Insurance Group (BWIN) Form 4 say about beneficial ownership?

The footnotes state that BIGH, LLC disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest. This means BIGH, LLC only claims economic benefits it is entitled to, not full beneficial ownership of all distributed securities.

Q: Can the reported LLC Units and Class B shares convert into Class A shares of Baldwin Insurance Group (BWIN)?

Yes. 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 notes the LLC Units do not expire, providing ongoing exchange flexibility.

Q: Who ultimately received the Baldwin Insurance Group securities from BIGH, LLC?

The filing explains that the reported securities were distributed to a member of BIGH, LLC. In return, that member’s ownership interest in BIGH, LLC was reduced, reflecting an internal rebalancing of equity interests within the LLC rather than a market transaction.

BIGH, LLC, a member of a 10% owner group of Baldwin Insurance Group, Inc., reported an internal reallocation of ownership interests.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

BIGH, LLC, a member of a 10% owner group of Baldwin Insurance Group, Inc., reported an internal reallocation of ownership interests. On March 2, 2026, 35,000 LLC Units in The Baldwin Insurance Group Holdings, LLC and 35,000 shares of Class B common stock were distributed to a member of BIGH, LLC, with no cash consideration reported.

The distribution reduced that member’s ownership in BIGH, LLC while transferring the underlying securities to the member. BIGH, LLC disclaims beneficial ownership of these securities except to the extent of its pecuniary interest. Each LLC Unit, together with a share of Class B common stock, can be exchanged into one share of Class A common stock at any time, and the LLC Units do not expire.

Insider Trade Summary

Other: 70,000 shares

Other 2 txns

Insider BIGH, LLC

Role 10% Owner

Type	Security	Shares	Price	Value
Other	LLC Units in The Baldwin Insurance Group Holdings, LLC	35,000	$0.00	$0.00
Other	Class B Common Stock	35,000	$0.00	$0.00

Holdings After Transaction: LLC Units in The Baldwin Insurance Group Holdings, LLC — 12,537,590 contracts (Direct); Class B Common Stock — 12,537,590 shares (Direct)

Footnotes (3)

F1. These securities were distributed to a member of the reporting person in exchange for a corresponding reduction in such member's ownership of the reporting person.
F2. The reporting person disclaims beneficial ownership in these securities except to the extent of its pecuniary interest therein.
F3. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did BIGH, LLC report for Baldwin Insurance Group (BWIN)?

BIGH, LLC reported an internal ownership reallocation involving 35,000 LLC Units and 35,000 shares of Class B common stock on March 2, 2026. The securities were distributed to a member of BIGH, LLC, with no cash consideration disclosed in the filing.

Was the Baldwin Insurance Group (BWIN) Form 4 transaction a buy or sell?

The Form 4 for Baldwin Insurance Group (BWIN) reports an “other” transaction, not a traditional buy or sell. It reflects a distribution of securities from BIGH, LLC to one of its members, changing ownership allocation inside the LLC rather than open-market trading.

How many Baldwin Insurance Group securities were moved in this BIGH, LLC transaction?

The transaction involved 35,000 LLC Units in The Baldwin Insurance Group Holdings, LLC and 35,000 shares of Class B common stock. After the transaction, BIGH, LLC reported holding 12,537,590 units or shares for each respective security line item.

What do the footnotes in the Baldwin Insurance Group (BWIN) Form 4 say about beneficial ownership?

The footnotes state that BIGH, LLC disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest. This means BIGH, LLC only claims economic benefits it is entitled to, not full beneficial ownership of all distributed securities.

Can the reported LLC Units and Class B shares convert into Class A shares of Baldwin Insurance Group (BWIN)?

Yes. 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 notes the LLC Units do not expire, providing ongoing exchange flexibility.

Who ultimately received the Baldwin Insurance Group securities from BIGH, LLC?

The filing explains that the reported securities were distributed to a member of BIGH, LLC. In return, that member’s ownership interest in BIGH, LLC was reduced, reflecting an internal rebalancing of equity interests within the LLC rather than a market transaction.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Accepted by SEC EDGAR 03/04/2026 - 06:31 PM

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^*

BIGH, LLC

(Last)

(First)

(Middle)

4211 W. BOY SCOUT BLVD.

SUITE 800

(Street)

TAMPA

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	03/02/2026		J⁽¹⁾		35,000	D	$0⁽¹⁾	12,537,590⁽²⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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⁾	D

Explanation of Responses:

1. These securities were distributed to a member of the reporting person in exchange for a corresponding reduction in such member's ownership of the reporting person.

2. The reporting person disclaims beneficial ownership in these securities except to the extent of its 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:

	/s/ Seth Cohen, as Attorney-in Fact, for BIGH, LLC	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).
** 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.

Source: View Original Filing on SEC EDGAR