SCHEDULE: FMR LLC and Abigail Johnson Boost Baldwin Insurance Stake to 15%

FMR LLC and Abigail P. Johnson have reported a 15.0% beneficial ownership stake in The Baldwin Insurance Group Inc.'s Class A Common Stock as of September 30, 2025.

Summary

• FMR LLC and Abigail P. Johnson collectively beneficially own 10,697,221.22 shares of The Baldwin Insurance Group Inc.'s Class A Common Stock.
• This represents 15.0% of the total outstanding Class A Common Stock.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• FMR LLC, a Delaware-organized parent holding company, holds sole voting power over 10,665,091 shares and sole dispositive power over 10,697,221.22 shares.
• Abigail P. Johnson, a U.S. citizen, holds sole dispositive power over 10,697,221.22 shares, with no sole or shared voting power reported directly.
• Several FMR LLC subsidiaries, including Fidelity Management & Research Company LLC, are identified as entities beneficially owning shares, with Fidelity Management & Research Company LLC owning 5% or greater.

Sentiment

Score: 7

Explanation: The filing indicates a significant, non-activist institutional investment in The Baldwin Insurance Group Inc. by FMR LLC and Abigail P. Johnson. This large stake (15%) from a reputable financial institution generally signals confidence in the company's long-term prospects and stability, which is a positive indicator for investors. The explicit statement that the shares are not held for control-influencing purposes further reduces potential uncertainty.

Positives

• Significant institutional investment by FMR LLC and its affiliates, indicating confidence in The Baldwin Insurance Group Inc.
• The substantial 15.0% stake suggests a long-term investment horizon rather than short-term speculation.
• The filing explicitly states the shares are held in the ordinary course of business and not for control-influencing purposes, which can reassure existing management and investors.

Risks

• No specific risks related to The Baldwin Insurance Group Inc. are mentioned in this Schedule 13G filing. The filing focuses solely on beneficial ownership disclosure.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding The Baldwin Insurance Group Inc.'s future performance or strategic direction.

Management Comments

• 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.

Industry Context

The insurance industry is characterized by significant capital requirements and regulatory oversight. Large institutional investments, such as that by FMR LLC, are common and can signal market confidence in a company's stability and growth prospects within this sector. The Baldwin Insurance Group Inc. operates within this environment, and a substantial stake from a major financial services firm like Fidelity (FMR LLC's parent) can be viewed positively by the market.

Stakeholder Impact

• Shareholders: The significant institutional ownership by FMR LLC and Abigail P. Johnson may increase investor confidence and potentially stabilize the stock price due to a large, long-term holder.
• Management: The explicit statement that the shares are not held for the purpose of changing or influencing control provides reassurance to current management regarding their operational autonomy.
• Employees: No direct impact on employees is indicated by this ownership disclosure.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this ownership disclosure.

Key Dates

Recommendation

The filing reveals a substantial 15.0% beneficial ownership by FMR LLC and Abigail P. Johnson in The Baldwin Insurance Group Inc. This significant institutional stake, held in the ordinary course of business and not for control purposes, suggests a strong vote of confidence from a major financial player. While this is a positive signal, a Schedule 13G filing primarily discloses ownership and does not provide new operational or financial performance data to warrant an immediate 'buy' or 'sell' action. The existing investment is substantial, and the 'hold' recommendation reflects the stability and positive sentiment implied by this long-term institutional commitment, pending further operational or financial updates from the company.

Keywords

Baldwin Insurance Group, FMR LLC, Abigail P. Johnson, Class A Common Stock, Beneficial Ownership, Institutional Investor, SEC Filing, Schedule 13G, Insurance Industry, Fidelity