The Baldwin Insurance Group Inc-A 2025年度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549FORM 10-K (Mark One) Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December31, 2025 or Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to _________Commission File Number: 001-39095 The Baldwin Insurance Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction ofincorporation or organization) 4211 W. Boy Scout Blvd., Suite 800, Tampa, Florida 33607 (Address of principal executive offices) (Zip code) (866) 279-0698 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Nasdaq Global Select Market Class A Common Stock, par value $0.01 per share Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Note: Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under thoseSections.Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reportingunder Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correctionof an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒As of June 30, 2025 (the last business day of the registrant’s second fiscal quarter), the registrant's aggregate market value of its voting and non-voting common equity held by non-affiliates was $3,632,545,757.As of February20, 2026, there were 96,721,068 shares of Class A common stock outstanding and 46,136,333 shares of Class B common stock outstanding.DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days of the end ofthe fiscal year to which this report relates are incorporated by reference into Part III of this Form 10-K. THE BALDWIN INSURANCE GROUP, INC. INDEX Note Regarding Forward-Looking Statements Commonly Used Defined Terms PART I ITEM 1.BusinessITEM 1A.Risk FactorsITEM 1B.Unresolved Staff CommentsITEM 1C.CybersecurityITEM 2.PropertiesITEM 3.Legal ProceedingsITEM 4.Mine Safety Disclosures ITEM 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities53ITEM 6.Reserved54ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations55ITEM 7A.Quantitative and Qualitative Disclosures about Market Risk81ITEM 8.Financial Statements and Supplementary Data82ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure131ITEM 9A.Controls and Procedures131ITEM 9B.Other Information132ITEM 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections133 PART III ITEM 10.Directors, Executive Offic