Capital International Investors reveals 5.1% Baldwin (BWIN) ownership stake

Rhea-AI Filing Summary

Capital International Investors has disclosed a significant passive stake in The Baldwin Insurance Group, Inc. As of December 31, 2025, it is deemed to beneficially own 3,618,132 shares of Baldwin’s common stock, representing 5.1% of the class based on 71,589,503 shares believed outstanding.

The firm reports sole voting and dispositive power over all 3,618,132 shares and no shared power. The filing notes that the securities were acquired and are held in the ordinary course of business and are not intended to change or influence control of Baldwin Insurance Group.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

The 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

Capital International Investors

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 3,618,132.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,618,132.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,618,132.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: The Baldwin Insurance Group, Inc.
(b)	Address of issuer's principal executive offices: 4211 W. BOY SCOUT BLVD., SUITE 800, TAMPA, FL 33607
Item 2.
(a)	Name of person filing: Capital International Investors
(b)	Address or principal business office or, if none, residence: 333 South Hope Street, 55th Fl, Los Angeles, CA 90071
(c)	Citizenship: N/A
(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: 3,618,132 ** **Capital International Investors ("CII") is a division of Capital Research and Management Company ("CRMC"), as well as its investment management subsidiaries and affiliates Capital Bank and Trust Company, Capital International, Inc., Capital International Limited, Capital International Sarl, Capital International K.K., Capital Group Private Client Services, Inc., and Capital Group Investment Management Private Limited (together with CRMC, the "investment management entities"). CII's divisions of each of the investment management entities collectively provide investment management services under the name "Capital International Investors." CII is deemed to be the beneficial owner of 3,618,132 shares or 5.1% of the 71,589,503 shares believed to be outstanding.
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,618,132
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,618,132
	(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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. SMALLCAP World Fund, Inc.
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.

Capital International Investors

Signature:	Jae Won Chung
Name/Title:	Vice President and Senior Counsel II, Capital Research and Management Company
Date:	02/12/2026

FAQ

What did Capital International Investors disclose about BWIN in this Schedule 13G?

Capital International Investors reported beneficial ownership of 3,618,132 shares of The Baldwin Insurance Group, Inc. common stock, equal to 5.1% of the class. The stake is held in the ordinary course of business and not for changing or influencing control.

How large is Capital International Investors’ ownership stake in BWIN?

Capital International Investors is deemed to own 3,618,132 BWIN shares, representing 5.1% of outstanding common stock, based on 71,589,503 shares believed outstanding. This makes it a significant institutional holder crossing the 5% disclosure threshold.

Does Capital International Investors have voting control over its BWIN shares?

Yes. Capital International Investors reports sole voting power over 3,618,132 BWIN shares and no shared voting power. It also has sole dispositive power over the same number of shares, meaning it alone decides how to vote and whether to sell them.

Is Capital International Investors’ stake in BWIN considered passive or activist?

The stake is described as passive. The filing certifies the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Baldwin Insurance Group or participating in control-related transactions.

What is the event date for Capital International Investors’ BWIN ownership disclosure?

The relevant event date is December 31, 2025. As of that date, Capital International Investors was deemed to beneficially own 3,618,132 shares, or 5.1% of BWIN’s common stock, triggering the Schedule 13G institutional ownership reporting requirement.

Who signed the Schedule 13G for Capital International Investors regarding BWIN?

The Schedule 13G was signed by Jae Won Chung, identified as Vice President and Senior Counsel II of Capital Research and Management Company. The signature certifies that the information about the BWIN holdings is true, complete, and correct to the best of their knowledge.