Form S-8 - Securities to be offered to employees in employee benefit plans

As filed with the Securities and Exchange Commission on February 25, 2025

Registration No. 333-________

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM S-8

REGISTRATION STATEMENT UNDER

THE SECURITIES ACT OF 1933

 

THE BALDWIN INSURANCE GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

61-1937225

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4211 W. Boy Scout Blvd., Suite 800 Tampa, Florida 33607 [phone]

(Address of Principal Executive Offices, Including Zip Code)

 

The Baldwin Insurance Group, Inc. Omnibus Incentive Plan
(Full title of the plan)
Trevor L. Baldwin Chief Executive Officer
Bradford L. Hale Chief Financial Officer
Corbyn Lichon Chief Accounting Officer
Seth Cohen General Counsel 4211 W. Boy Scout Blvd., Suite 800 Tampa, Florida 33607 [phone]
(Name, address, and telephone number, including area code, of agent for service)
Copy to: Kevin L. Vold Shashi N. Khiani Polsinelli PC 1401 Eye (“I”) Street, N.W., Suite 800 Washington, D.C. 20005 [phone]

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  ☒						Accelerated filer  ☐
						Smaller reporting company  ☐
Non-accelerated filer  ☐						Emerging growth company  ☐

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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 financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  ☐

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EXPLANATORY NOTE

This Registration Statement has been prepared and filed pursuant to and in accordance with the requirements of General Instruction E to Form S-8 for the purpose of registering an additional 2,350,642 shares of Class A Common Stock that are issuable at any time or from time to time under the Plan. Pursuant to General Instruction E, the contents of the Registration Statement on Form S-8 filed for the Plan (Registration No. 333-234309) with the Securities and Exchange Commission (the “Commission”) on October 24, 2019, including the documents incorporated by reference therein, are incorporated by reference into this Registration Statement, except as supplemented by the information set forth below.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

The following documents are incorporated herein by reference:

(a) The Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "Annual Report"), filed with the Commission on February 25, 2025, pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);

(b) All reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act (other than the reports, or portions thereof, deemed to have been furnished and not filed with the Commission) since the end of the fiscal year covered by the Annual Report referred to in clause (a) above; and

(c) The description of the Registrant’s capital stock which is contained in the Registration Statement on Form 8-A filed October 17, 2019, under the Exchange Act, including any amendment or report filed for the purpose of updating such description, including Exhibit 4.3 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, are incorporated by reference in this Registration Statement and are a part hereof from the date of filing of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

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Item 8. Exhibits.

 

Exhibit Number
4.1						Amended and Restated Certificate of Incorporation of the Registrant (incorporated herein by reference to Exhibit 3.1 of the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 31, 2019).
4.2						Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 of the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 15, 2020).
4.3						Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.3 of the registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 7, 2024).
4.4						Second Amended and Restated By-Laws of the Registrant. (incorporated herein by reference to Exhibit 3.4 of the registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 7, 2024).
4.5						First Amendment to the Second Amended and Restated By-Laws of the Registrant. (incorporated herein by reference to Exhibit 3.1 of the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 31, 2024).
5.1						Opinion of Polsinelli PC (filed herewith)
23.1						Consent of PricewaterhouseCoopers LLP (filed herewith)
23.2						Consent of Polsinelli PC (included in Exhibit 5.1)
24.1						Powers of Attorney (included in the signature pages hereof)
107						Filing Fee Table

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SIGNATURES

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Tampa, Florida on the 25th day of February, 2025.

						THE BALDWIN INSURANCE GROUP, INC.
						By:			/s/ Trevor L. Baldwin
									Name: Trevor L. Baldwin
									Title: Chief Executive Officer

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POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Trevor Baldwin, Brad Hale, and Seth Cohen, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agents full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or their or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

Signature

Title

Date

/s/ L. Lowry Baldwin

Chairman of the Board of Directors

February 25, 2025

L. Lowry Baldwin

/s/ Trevor L. Baldwin

Chief Executive Officer and Director

February 25, 2025

Trevor L. Baldwin

(Principal Executive Officer)

/s/ Bradford L. Hale

Chief Financial Officer

February 25, 2025

Bradford L. Hale

(Principal Financial Officer)

/s/ Corbyn N. Lichon

Chief Accounting Officer

February 25, 2025

Corbyn N/ Lichon

(Principal Accounting Officer)

/s/ Jay A. Cohen

Director

February 25, 2025

Jay A. Cohen

/s/ Joseph J. Kadow

Director

February 25, 2025

Joseph J. Kadow

/s/ Barbara R. Matas

Director

February 25, 2025

Barbara R. Matas

/s/ Sathish Muthukrishnan

Director

February 25, 2025

Sathish Muthukrishnan

/s/ Sunita Parasuraman

Director

February 25, 2025

Sunita Parasuraman

/s/ Ellyn Shook

Director

February 25, 2025

Ellyn Shook

/s/ Chris T. Sullivan

Director

February 25, 2025

Chris T. Sullivan

/s/ Myron K. Williams

Director

February 25, 2025

Myron K. Williams

0001781755The Baldwin Insurance Group, Inc.S-8S-8EX-FILING FEESxbrli:sharesiso4217:USDxbrli:pure000178175512025-02-252025-02-2500017817552025-02-252025-02-25

Exhibit 107

 

Calculation of Filing Fee Table

Form S-8

The Baldwin Insurance Group, Inc.

 

Newly Registered Securities

Security Type

Security Class Title

Fee Calculation or Carry Forward Rule

Amount Registered(1)

Proposed Maximum Offering Price Per Unit(2)

Maximum Aggregate Offering Price(2)

Fee Rate

Amount of Registration Fee(3)

Fees to be Paid

Equity

Class A Common Stock, par value $0.01 per share

Rule 457(c) and Rule 457(h)

2,350,642

$40.31

$94,754,379.02

0.00015310

$14,506.90

Total Offering Amounts

$94,754,379.02

$14,506.90

Total Fees Previously Paid

--

Total Fee Offsets

--

Net Fee Due

$14,506.90

 

(1)			This Registration Statement on Form S-8 (this “Registration Statement”) covers shares of Class A common stock, $0.01 par value per share (“Class A Common Stock”), of The Baldwin Insurance Group, Inc. (the “Company” or “Registrant”) (i) authorized for issuance under the The Baldwin Insurance Group, Inc. Omnibus Incentive Plan (the “Plan”) and (ii) pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), any additional shares of Class A Common Stock that may become issuable under the Plan by reason of any stock dividend, stock split or other similar transaction.
(2)			Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) and Rule 457(c) under the Securities Act. The Proposed Maximum Offering Price per Unit and the Maximum Aggregate Offering Price are based on the average of the high ($41.02) and low ($39.60) prices of the Registrant's Class A Common Stock as reported on the NASDAQ Global Select Market on February 20, 2025.
(3)			Rounded up to the nearest penny.

 

1401 Eye Street NW, Suite 800, Washington, DC 20005 [phone]

Exhibit 5.1

February 25, 2025

Board of Directors

The Baldwin Insurance Group, Inc.

4211 W. Boy Scout Blvd.

Suite 800

Tampa, FL 33607

Re:    The Baldwin Insurance Group, Inc. -- Registration Statement on Form S-8

Ladies and Gentlemen:

We are acting as counsel to The Baldwin Insurance Group, Inc., a Delaware corporation (the “Company”), in connection with its registration statement on Form S-8 (the “Registration Statement”), filed on the date hereof with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), relating to the proposed offering of up to an aggregate of 2,350,642 shares of the Company’s Class A common stock, par value $0.01 per share (the “Shares”), which Shares are issuable pursuant to the Company’s Omnibus Incentive Plan (the “Plan”). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to the authentic original documents of all documents submitted to us as copies (including electronic copies). We have also assumed that the Company has and will have sufficient authorized but unissued and unreserved shares of Class A common stock available for issuance as provided in the Registration Statement. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

    

This opinion letter is based, as to matters of law, solely on the Delaware General Corporation Law, as amended. We express no opinion herein as to any other statutes, rules, or regulations.

Based upon, subject to, and limited by the foregoing, we are of the opinion that following (i) effectiveness of the Registration Statement, (ii) issuance of the Shares pursuant to the terms of the Plan, and (iii) receipt by the Company of the consideration, if any, for the Shares specified in the applicable resolutions of the Board of Directors or a duly authorized committee thereof, the Plan, and any underlying award agreements or letters, the Shares will be validly issued, fully paid, and nonassessable.

This opinion has been prepared for use in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the Registration Statement.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are an “expert” within the meaning of the Securities Act.

Very truly yours,

/s/ POLSINELLI PC

Atlanta | Boston | Chicago | Dallas | Denver | Fort Lauderdale | Fort Worth | Houston

Kansas City | Los Angeles | Miami | Nashville | New York | Park City | Philadelphia | Phoenix | Raleigh

Salt Lake City | San Diego | San Francisco | Seattle | St. Louis | Washington, D.C. | Wilmington

polsinelli.com

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of The Baldwin Insurance Group, Inc. of our report dated February 25, 2025 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in The Baldwin Insurance Group, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024.

/s/ PricewaterhouseCoopers LLP

Tampa, Florida

February 25, 2025

Submission	Feb. 25, 2025
Submission [Line Items]
Central Index Key	0001781755
Registrant Name	The Baldwin Insurance Group, Inc.
Form Type	S-8
Submission Type	S-8
Fee Exhibit Type	EX-FILING FEES

Offerings - Offering: 1	Feb. 25, 2025 USD ($) shares
Offering:
Fee Previously Paid	false
Other Rule	true
Security Type	Equity
Security Class Title	Class A Common Stock, par value $0.01 per share
Amount Registered | shares	2,350,642
Proposed Maximum Offering Price per Unit	40.31
Maximum Aggregate Offering Price	$ 94,754,379.02
Fee Rate	0.01531%
Amount of Registration Fee	$ 14,506.9
Offering Note	(1)This Registration Statement on Form S-8 (this “Registration Statement”) covers shares of Class A common stock, $0.01 par value per share (“Class A Common Stock”), of The Baldwin Insurance Group, Inc. (the “Company” or “Registrant”) (i) authorized for issuance under the The Baldwin Insurance Group, Inc. Omnibus Incentive Plan (the “Plan”) and (ii) pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), any additional shares of Class A Common Stock that may become issuable under the Plan by reason of any stock dividend, stock split or other similar transaction.(2)Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) and Rule 457(c) under the Securities Act. The Proposed Maximum Offering Price per Unit and the Maximum Aggregate Offering Price are based on the average of the high ($41.02) and low ($39.60) prices of the Registrant's Class A Common Stock as reported on the NASDAQ Global Select Market on February 20, 2025.(3)Rounded up to the nearest penny.

Fees Summary	Feb. 25, 2025 USD ($)
Fees Summary [Line Items]
Total Offering	$ 94,754,379.02
Previously Paid Amount	0
Total Fee Amount	14,506.9
Total Offset Amount	0
Net Fee	$ 14,506.9

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