James Morgan Roche - 11 Dec 2025 Form 4 Insider Report for Baldwin Insurance Group, Inc. (BWIN)

Reporting relationship: President, The Baldwin Group and CEO, Underwriting, Capacity and Technology Operations
Issuer ticker: BWIN
Reported as of: 11 Dec 2025
Net transaction value: -$5,743,137
SEC form: 4
Accepted by SEC: 15 Dec 2025, 19:15:00 UTC
Prior SEC filing: 09 Dec 2025
Next SEC filing: 25 Feb 2026
Source filing: View source filing
Reporting owner signature: /s/ Seth Cohen, as Attorney-in Fact, for James Roche

Key filing fact

James Morgan Roche filed Form 4 for Baldwin Insurance Group, Inc. (BWIN) on 15 Dec 2025.

Key facts

This page summarizes James Morgan Roche's Form 4 filing for Baldwin Insurance Group, Inc. (BWIN).
7 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 15 Dec 2025, 19:15.

Change

Previous filing in this sequence was filed on 09 Dec 2025.
Current net transaction value: -$5,743,137.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001789496 Primary reporting owner

Roche James Morgan

Relationship: President, The Baldwin Group and CEO, Underwriting, Capacity and Technology Operations
Address: C/O THE BALDWIN INSURANCE GROUP, INC., 4211 W. BOY SCOUT BLVD., SUITE 800, TAMPA
Signature: /s/ Seth Cohen, as Attorney-in Fact, for James Roche
Signature date: 15 Dec 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

BWIN transaction

Class B Common Stock

Conversion of derivative security

Transaction value: $0
Shares: -240,000
Change %: -23%
Price: $0.000000
Shares after: 781,786
Date: 11 Dec 2025
Ownership: Direct

BWIN transaction

Class A Common Stock

Conversion of derivative security

Transaction value: $0
Shares: +240,000
Change %: +570%
Price: $0.000000
Shares after: 282,113
Date: 11 Dec 2025
Ownership: Direct

BWIN transaction

Class A Common Stock

Sale

Transaction value: $1,400,400
Shares: -60,000
Change %: -21%
Price: $23.34
Shares after: 222,113
Date: 11 Dec 2025
Ownership: Direct
Footnotes: F1

BWIN transaction

Class A Common Stock

Sale

Transaction value: $2,420,000
Shares: -100,000
Change %: -45%
Price: $24.20
Shares after: 122,113
Date: 12 Dec 2025
Ownership: Direct
Footnotes: F2

BWIN transaction

Class A Common Stock

Sale

Transaction value: $1,773,968
Shares: -73,977
Change %: -61%
Price: $23.98
Shares after: 48,136
Date: 15 Dec 2025
Ownership: Direct
Footnotes: F3

BWIN transaction

Class A Common Stock

Sale

Transaction value: $148,768
Shares: -6,023
Change %: -13%
Price: $24.70
Shares after: 42,113
Date: 15 Dec 2025
Ownership: Direct
Footnotes: F4

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

BWIN transaction Derivative

LLC Units in The Baldwin Insurance Group Holdings, LLC

Conversion of derivative security

Transaction value: $0
Shares: -240,000
Change %: -23%
Price: $0.000000
Shares after: 781,786
Date: 11 Dec 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 240,000
Exercise price: $0.000000
Footnotes: F5

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 5 footnotes

Footnote F1

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $23.02 to $24.01. 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.

Footnote F2

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $24.00 to $24.85. 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.

Footnote F3

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $23.66 to $24.57. 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.

Footnote F4

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $24.70 to $24.73. 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.

Footnote F5

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.

SEC remarks

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