The Baldwin Group and CAC Group Announce $1.03 Billion Merger

The Baldwin Group, a leading independent insurance brokerage and advisory firm, has announced a definitive agreement to merge with CAC Group, a nationally recognized specialty and middle-market insurance brokerage firm. The transaction, valued at approximately $1.03 billion, comprises $438 million in cash and 23.2 million shares of Baldwin common stock valued at $589 million. Additionally, the deal includes a performance-based earnout of up to $250 million and a $70 million deferred payment. The merger is expected to close in the first quarter of 2026, pending customary closing conditions and regulatory approvals.

This strategic combination aims to create one of the largest independent insurance advisory and distribution platforms in the United States. The merged entity is projected to generate over $2 billion in gross revenue and more than $470 million in adjusted EBITDA by 2026. The integration will significantly expand Baldwin's specialty capabilities by incorporating CAC's expertise in industries such as natural resources, private equity, real estate, senior living, education, and construction. Furthermore, CAC's strengths in specialty product lines, including financial lines, transactional liability, cyber, and surety, will enhance Baldwin's service offerings.

The combined organization will comprise nearly 5,000 colleagues serving clients across retail, specialty, reinsurance, and MGA platforms, with a footprint in all major U.S. markets. This merger reflects a broader trend of consolidation within the insurance brokerage industry, as firms seek to bolster their market presence and competitive edge.

Trevor Baldwin, CEO of The Baldwin Group, stated, "This combination brings together two highly complementary firms, aligned in culture and values, yet distinct in expertise, business mix, and geographic footprint." Erin Lynch, CEO of CAC Group, added, "This merger positions us to deliver more for clients and create expanded opportunities for colleagues, while staying true to the values that have fueled our growth."

This merger is part of a larger trend of consolidation in the insurance brokerage industry. Notable recent mergers include Arthur J. Gallagher's $13.45 billion acquisition of AssuredPartners and Brown & Brown's $9.83 billion acquisition of Accession. These large-scale mergers reflect the industry's move towards creating more comprehensive service offerings and expanding market reach.

The Baldwin Group, publicly traded on NASDAQ under the ticker symbol BWIN, offers a wide range of insurance and risk management services. CAC Group, ranked 35th in Business Insurance’s 2025 Top 100 U.S. Brokers list, specializes in industries such as natural resources, private equity, real estate, senior living, education, and construction.

The merger unites two colleague-centric cultures grounded in equity ownership and a shared commitment to attracting and developing top talent. The combined entity is expected to generate over $2 billion in gross revenue and more than $470 million in adjusted EBITDA by 2026.