H. Krystyn 2019 Grantor Retained Annuity Trust II Dated September 30, 2019 Elizabeth Form 4 Baldwin Insurance / Elizabeth Krystyn ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Krystyn Elizabeth

(Last) (First) (Middle)

C/O THE BALDWIN INSURANCE GROUP, INC.

4211 W. BOY SCOUT BLVD., SUITE 800

(Street)

TAMPA FL 33607

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Baldwin Insurance Group, Inc. [ BWIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
Member of 10% Owner Group

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class B Common Stock	10/03/2024		G		12,124	D	$0	231,932	I	By Trust(1)
Class B Common Stock	10/03/2024		G		12,124	A	$0	12,124	D
Class B Common Stock	10/03/2024		G		231,932	D	$0	0	I	By Trust(1)
Class B Common Stock	10/03/2024		G		231,932	A	$0	476,343	I	By Trust(2)
Class B Common Stock	10/04/2024		G		12,124	D	$0	0	D
Class B Common Stock	10/04/2024		G		12,124	A	$0	1,864,533	I	By Trust(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	10/03/2024		G			12,124	(4)	(4)	Class A Common Stock	12,124	$0	231,932	I	By Trust(1)
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	10/03/2024		G		12,124		(4)	(4)	Class A Common Stock	12,124	$0	12,124	D
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	10/03/2024		G			231,932	(4)	(4)	Class A Common Stock	231,932	$0	0	I	By Trust(1)
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	10/03/2024		G		231,932		(4)	(4)	Class A Common Stock	231,932	$0	476,343	I	By Trust(2)
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	10/04/2024		G			12,124	(4)	(4)	Class A Common Stock	12,124	$0	0	D
LLC Units in The Baldwin Insurance Group Holdings, LLC	$0	10/04/2024		G		12,124		(4)	(4)	Class A Common Stock	12,124	$0	1,864,533	I	By Trust(3)

1. Name and Address of Reporting Person^*

Krystyn Elizabeth

(Last) (First) (Middle)

C/O THE BALDWIN INSURANCE GROUP, INC.

4211 W. BOY SCOUT BLVD., SUITE 800

(Street)

TAMPA FL 33607

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Elizabeth H. Krystyn 2019 Grantor Retained Annuity Trust II Dated September 30, 2019

(Last) (First) (Middle)

C/O THE BALDWIN INSURANCE GROUP, INC.

4211 W. BOY SCOUT BLVD., SUITE 800

(Street)

TAMPA FL 33607

(City) (State) (Zip)

Explanation of Responses:

1. These securities are directly held by the Elizabeth H. Krystyn 2019 Grantor Retained Annuity Trust II Dated September 30, 2019, of which the reporting person is the sole trustee.

2. These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee.

3. These securities are directly held by the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017, of which the reporting person is the sole trustee and beneficiary.

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

Remarks:

	/s/ Seth Cohen, as Attorney-in Fact, for Elizabeth Krystyn	10/07/2024
	/s/ Seth Cohen as Attorney-in Fact, for Elizabeth H. Krystyn 2019 Grantor Retained Annuity Trust II Dated September 30, 2019	10/07/2024
	** Signature of Reporting Person	Date
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