The Baldwin Group and CAC Group to merge
Insurance brokerage The Baldwin Group has entered into a definitive agreement to merge with CAC Group, a specialty and middle-market insurance brokerage firm.
The deal includes a total upfront consideration of ~$1 billion, consisting of $438 million in cash and 23.2 million shares of Baldwin common stock valued at $589 million. Post-closing payments include a performance-based earnout of up to $250 million and a $70 million deferred payment.
The combined entity is expected to generate 2026 gross revenue and adjusted EBITDA in excess of $2 billion and $470 million, respectively.
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals.
The combination is expected to significantly expand the specialty capabilities of The Baldwin Group’s Insurance Advisory Solutions segment by integrating CAC’s expertise in industries such as natural resources, private equity, real estate, senior living, education, and construction. Additionally, the combined company is expected to benefit from CAC’s strength in specialty product lines, including Financial Lines, Transactional Liability, Cyber, and Surety. These specialty capabilities are further strengthened by CAC’s industry-leading data and analytics platform.
The combined organization will comprise nearly 5,000 colleagues serving clients across retail, specialty, reinsurance, and MGA platforms.
“This is a transformational moment for The Baldwin Group. This combination brings together two highly complementary firms, aligned in culture and values, yet distinct in expertise, business mix, and geographic footprint. By uniting CAC’s deep specialty capabilities with Baldwin’s scale and diversified platform, we create a stronger, more balanced organization that can deliver exceptional solutions for clients and unmatched opportunities for colleagues. CAC has built an enviable specialty firm, and we are looking forward to welcoming their exceptional team to The Baldwin Group.” – Trevor Baldwin, CEO of The Baldwin Group.
“Coming together with Baldwin gives us the scale and infrastructure to accelerate everything that makes CAC distinctive: our specialty expertise, entrepreneurial mindset, and relentless focus on client success. 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.” – Erin Lynch, CEO of CAC Group.
