Independent insurance agencies The Baldwin Group and CAC Group have agreed to merge to create one of the l
argest independent insurance advisory and distribution platforms in the U.S.
Baldwin said the purchase price of about $1.03 billion consists of
$438 million in cash and 23.2 million shares of its stock valued at $589 million.
Post-closing payments include a performance-based earnout of u
p to $250 million and a $70 million deferred payment. The transaction is expected to close in the first quarter of 2026.
Together, the combination of brokers are expected to genera
te 2026 gross revenue of $2 billion, Baldwin said. Its footprint will inclu
e all major U.S. markets, with nearly 5,000 employees serving clients in retail, specialty, reinsurance and MGA p
latforms—pairing CAC’s specialty expertise with Baldwin’s middle-market distribution.
Following the merger, all combined colleagues will be shareholders, and they will hold a majority of the company’s equity ownership.
Baldwin Group CEO Trevor Baldwin called the acquisition a “transformational moment.”
See more beautiful photo albums Here >>>
“This combination brings together two highly complementar
y firms, aligned in culture and values, yet distinct in expertise, bus
iness mix, and geographic footprint,” he said in a statement. Baldwin’s Insurance Advisory Services will be expende
d by CAC’s experience in the product lines of financial lines, tr
ansactional liability, cyber and surety in industries like natural resources, private equity, real estate, senior living, education, and construction.
Tampa, Florida-based The Baldwin Group ranked ninth on Insu
rance Journal‘s list of Top 100 Independent Property/Casualty Ag
encies for 2025 with about $1.06 billion in property/casualty revenue. CAC Group, based in Birmingham, Alaba
ma, ranked 22nd with P/C revenue of about $260 million.
“Coming together with Baldwin gives us the scale and infrastructu
re to accelerate everything that makes CAC distinctive,” added Erin Lynch, CEO of CAC Group.
The merger is the latest in a streak of billion-dollar insurance brokerage deals.
In August, Arthur J. Gallagher & Co. closed on its $13.45 billion
cash acquisition of Florida-based AssuredPartners, further expanding its retail middle-market pr
operty/casualty and employee benefits focus across the U.S.
In June, Brown & Brown Inc. agreed to buy Accession Risk Management, the parent company of specialty brokerage firm Risk Strategies and
wholesaler One80 Intermediaries, for about $9.8 billion.