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

Rhea-AI Filing Summary

Northern Trust Corporation (NTRS) filed a Form 4 disclosing two small open-market purchases of the company’s common stock by director Chandra Dhandapani.

• 06/30/2025: 266.95 shares acquired at $126.79 per share.
• 07/01/2025: 15.53 shares acquired at $127.99 per share.

The transactions increased the director’s direct holdings from 4,551 shares (estimated) to 4,834.85 shares. The filing notes that the positions are held as stock units payable on a 1-for-1 basis in common stock, indicating participation in a deferred compensation or director equity plan rather than discretionary buying.

No derivative securities were reported. The aggregate value of the purchases is roughly $36,000, an immaterial amount relative to Northern Trust’s market capitalization. Nevertheless, insider purchases generally signal confidence and align directors’ interests with shareholders.

Positive

• Director increased ownership, reinforcing alignment of board and shareholders.
• No shares were disposed; all reported transactions were acquisitions.

Negative

• None.

Insights

Equity Research Analyst

TL;DR: Very small insider buy; marginally positive sentiment, immaterial to valuation.

The director’s purchase of ~282 shares over two days is financially insignificant (<0.001% of shares outstanding) but directionally positive. Because the units stem from an automatic stock-unit program, the signal strength is weaker than discretionary open-market buys. I classify the filing as neutral-to-slightly positive; it does not change earnings outlook, capital ratios, or strategic trajectory.

Corporate Governance Specialist

TL;DR: Routine equity grant increases board alignment; no governance red flags.

The acquisition appears to be part of Northern Trust’s standard director compensation structure. Such automatic grants promote alignment without raising dilution or conflict-of-interest concerns. There is no indication of 10b5-1 plan abuse, and the modest value suggests non-material governance impact.

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^*

Cohen Jay A

(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	14,280	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 Jay A. Cohen	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 Northern Trust (NTRS) shares did Director Chandra Dhandapani buy?

A total of 282.48 shares were acquired across two transactions.

What prices were paid for the NTRS shares?

Shares were bought at $126.79 on 06/30/25 and $127.99 on 07/01/25.

Does the Form 4 show any stock sales by the director?

No. All reported transactions were acquisitions; no disposals were recorded.

Are these purchases part of a 10b5-1 trading plan?

The filing does not indicate use of a Rule 10b5-1 plan; the units appear to be automatic director compensation.

How many NTRS shares does the director now beneficially own?

Post-transaction holdings stand at 4,834.85 shares.

Is the transaction material to Northern Trust’s valuation?

No. The ~$36k purchase is immaterial relative to the company’s multibillion-dollar market cap.