Champlain Investment discloses 3.8% Baldwin Insurance (BWIN) passive stake

Rhea-AI Filing Summary

Champlain Investment Partners, LLC, a Vermont-based investment adviser, filed a Schedule 13G reporting a passive ownership stake in Baldwin Insurance Group, Inc. common stock as of 12/31/2025.

Champlain reports beneficial ownership of 3,650,410 shares, representing 3.8% of Baldwin Insurance’s common stock. It has sole voting power over 3,439,025 shares and sole dispositive power over 3,650,410 shares, with no shared voting or dispositive power.

Champlain certifies that the shares were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Baldwin Insurance Group, nor in connection with any control-related transaction.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Baldwin Insurance Group, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

05589G102

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 05589G102

1

Names of Reporting Persons

Champlain Investment Partners, 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

VERMONT

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,439,025.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,650,410.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,650,410.00

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)

3.8 %

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., SUITE 800, TAMPA, FLORIDA, 33607
Item 2.
(a)	Name of person filing: Champlain Investment Partners, LLC
(b)	Address or principal business office or, if none, residence: 180 Battery St., Burlington, Vermont 05401
(c)	Citizenship: Vermont
(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: 3650410
(b)	Percent of class: 3.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3439025
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3650410
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

Champlain Investment Partners, LLC

Signature:	Matthew Garcia
Name/Title:	Chief Compliance Officer
Date:	02/12/2026

FAQ

What stake does Champlain Investment Partners hold in BWIN?

Champlain Investment Partners reports beneficial ownership of 3,650,410 shares of Baldwin Insurance Group, Inc., equal to 3.8% of the company’s common stock. This reflects a sizable institutional position but remains below the 5% threshold often associated with larger activist stakes.

Is Champlain Investment Partners an activist investor in Baldwin Insurance Group (BWIN)?

Champlain classifies its Baldwin Insurance stake as passive. It certifies the shares were acquired and held in the ordinary course of business, not to change or influence control, and not in connection with any transaction aimed at gaining control of the company.

How much voting power does Champlain have over its BWIN shares?

Champlain has sole voting power over 3,439,025 Baldwin Insurance Group shares and no shared voting power. It also has sole dispositive power over 3,650,410 shares, meaning it alone can decide how to vote most of the stake and whether to sell the reported position.

Why did Champlain Investment Partners file a Schedule 13G for BWIN?

Champlain filed Schedule 13G because it holds more than a reportable level of Baldwin Insurance Group shares and qualifies as a passive institutional investor. The form discloses its 3.8% beneficial ownership and confirms the holding is not intended to influence or change company control.

As of what date is Champlain’s BWIN ownership information reported?

Champlain’s beneficial ownership information is reported as of December 31, 2025. That date marks the event requiring the Schedule 13G filing, summarizing how many Baldwin Insurance shares it owned and the percentage of the outstanding common stock on that date.