James Morgan Roche - 05 Dec 2025 Form 4 Insider Report for Baldwin Insurance Group, Inc. (BWIN)

Role: President, The Baldwin Group and CEO, Underwriting, Capacity and Technology Operations
Signature: /s/ Seth Cohen, as Attorney-in Fact, for James Roche
Issuer symbol: BWIN
Transactions as of: 05 Dec 2025
Net transactions value: -$376,200
Form type: 4
Filing time: 09 Dec 2025, 18:05:20 UTC
Previous filing: 13 Jun 2025
Next filing: 15 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Roche James Morgan	President, The Baldwin Group and CEO, Underwriting, Capacity and Technology Operations	C/O THE BALDWIN INSURANCE GROUP, INC., 4211 W. BOY SCOUT BLVD., SUITE 800, TAMPA	/s/ Seth Cohen, as Attorney-in Fact, for James Roche	09 Dec 2025	0001789496

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BWIN	Class B Common Stock	Conversion of derivative security	$0	-15,000	-1.4%	$0.000000	1,021,786	05 Dec 2025	Direct
transaction	BWIN	Class A Common Stock	Conversion of derivative security	$0	+15,000	+36%	$0.000000	57,113	05 Dec 2025	Direct
transaction	BWIN	Class A Common Stock	Sale	$376,200	-15,000	-26%	$25.08	42,113	05 Dec 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BWIN	LLC Units in The Baldwin Insurance Group Holdings, LLC	Conversion of derivative security	$0	-15,000	-1.4%	$0.000000	1,021,786	05 Dec 2025	Class A Common Stock	15,000	$0.000000	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $25.00 to $25.46. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
F2	Each LLC Unit, together with a share of Class B common stock, may be exchanged by the holder into one share of Class A common stock at any time. The LLC Units do not expire.

Content

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $25.00 to $25.46. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

Each LLC Unit, together with a share of Class B common stock, may be exchanged by the holder into one share of Class A common stock at any time. The LLC Units do not expire.

Remarks:

President, The Baldwin Group and CEO, Underwriting, Capacity and Technology Operations