William Blair owns 6.79M Baldwin Insurance (NASDAQ: BWIN) — 7.0% stake

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. amendment reports that William Blair Investment Management, LLC beneficially owns 6,794,492 shares of Common Stock, representing 7.0% of the class as shown in the filing. The filing lists sole voting power for 6,190,476 shares and sole dispositive power for 6,794,492 shares.

The Schedule 13G/A is presented as Amendment No. 2 with CUSIP 05589G102; the signature is dated 05/07/2026.

Key Figures

Beneficially owned: 6,794,492 shares Percent of class: 7.0% Sole voting power: 6,190,476 shares +3 more

6 metrics

Beneficially owned 6,794,492 shares Amount beneficially owned as reported in Item 4(a)

Percent of class 7.0% Percent of class as reported in Item 4(b)

Sole voting power 6,190,476 shares Number with sole power to vote as reported in Item 4(c)(i)

Sole dispositive power 6,794,492 shares Number with sole power to dispose as reported in Item 4(c)(iii)

CUSIP 05589G102 Common Stock CUSIP shown on the cover page

Signature date 05/07/2026 Date on the signed amendment

Key Terms

Schedule 13G/A, Beneficially owned, Sole dispositive power, CUSIP

4 terms

Schedule 13G/A regulatory

"Amendment No. 2 ) Baldwin Insurance Group, Inc."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 6,794,492"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"6 | Sole Dispositive Power 6,794,492.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

CUSIP market

"Common Stock 05589G102"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Baldwin Insurance Group, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

05589G102

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 05589G102

1

Names of Reporting Persons

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,190,476.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,794,492.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,794,492.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Baldwin Insurance Group, Inc.
(b)	Address of issuer's principal executive offices: 4211 W. BOY SCOUT BLVD., 4211 W. BOY SCOUT BLVD., TAMPA, FLORIDA, 33607.
Item 2.
(a)	Name of person filing: William Blair Investment Management, LLC
(b)	Address or principal business office or, if none, residence: 150 North Riverside Plaza, Chicago, IL 60606
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 05589G102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,794,492
(b)	Percent of class: 7.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,190,476
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,794,492
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC

Signature:	Telmo Martins
Name/Title:	Chief Compliance Officer
Date:	05/07/2026

FAQ

What stake does William Blair hold in Baldwin Insurance (BWIN)?

William Blair Investment Management holds 6,794,492 shares, equal to 7.0%. The Schedule 13G/A amendment reports these shares of Common Stock under CUSIP 05589G102, with sole dispositive power over all 6,794,492 shares and sole voting power over 6,190,476 shares.

What do the voting and dispositive power numbers mean for BWIN?

Voting power indicates control to vote shares; dispositive power indicates control to sell. The filing shows 6,190,476 shares with sole voting power and 6,794,492 shares with sole dispositive power, both held by William Blair Investment Management, LLC as reported in the amendment.

When was the Schedule 13G/A amendment signed for Baldwin Insurance?

The signature on the amendment is dated 05/07/2026. The cover shows Amendment No. 2 and CUSIP 05589G102; the filing content lists ownership figures and the reporting entity as William Blair Investment Management, LLC.

Who filed the 13G/A amendment for Baldwin Insurance (BWIN)?

William Blair Investment Management, LLC filed the amendment. The filing lists the filer’s address at 150 North Riverside Plaza, Chicago, IL, its Delaware citizenship, and names Telmo Martins as Chief Compliance Officer who signed the document.