[Form 4] The Baldwin Insurance Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 Insider Transaction – Baldwin Insurance Group, Inc. (BWIN)

On 1 July 2025, director Chris Thomas Sullivan reported the acquisition of 645 Class A common shares of Baldwin Insurance Group. The shares were received at a stated price of $0.00, indicating an equity grant rather than an open-market purchase. Following the transaction, Sullivan’s direct beneficial ownership increased to 81,339 shares. No derivative securities were involved, and there were no dispositions or sales reported.

The filing is routine in nature and does not disclose any accompanying corporate events or changes in strategy. The modest share count (less than 1% of total ownership) suggests limited immediate market impact, but the transaction modestly enhances insider equity alignment.

Positive

• Director increased direct ownership by 645 shares, signalling continued insider alignment with shareholder interests.

Negative

• None.

Insights

Financial Analyst

TL;DR: Small equity grant to director; negligible financial impact, mildly positive governance signal.

The grant of 645 shares to Director Chris Sullivan raises his stake to 81,339 shares, a nominal increase relative to Baldwin Insurance Group’s outstanding share count. Because the shares were acquired at no cost, this appears to be part of the company’s regular director compensation program. There is no sale activity, which avoids negative sentiment, but the small size means the filing is unlikely to influence valuation or liquidity. Overall, it reinforces insider alignment without constituting a material event.

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^*

SULLIVAN CHRIS THOMAS

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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	07/01/2025		A		645	A	$0	81,339	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:

Remarks:

	/s/ Seth Cohen, as Attorney-in-Fact, for Chris Thomas Sullivan	07/02/2025
	** 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

How many BWIN shares did Director Chris Sullivan acquire?

He acquired 645 Class A common shares on 1 July 2025.

What is Chris Sullivan’s total direct ownership after the Form 4 filing?

Following the grant, he directly owns 81,339 shares of Baldwin Insurance Group.

Did the insider sell any BWIN shares in this filing?

No. The Form 4 reports only an acquisition; there were no dispositions or sales.

Was the transaction part of a 10b5-1 trading plan?

The filing does not indicate that the acquisition was made under a Rule 10b5-1 plan.

Does this Form 4 filing materially impact BWIN’s valuation?

Given the small number of shares involved, the event is considered immaterial to the company’s valuation.