Baldwin Group Merges with CAC Group: A Game-Changer in Insurance

The Baldwin Group, a prominent independent insurance brokerage in the United States, has finalized its merger with CAC Group, a firm specializing in middle market insurance solutions. Announced in December 2025, this pivotal deal involves an initial consideration of $1.03 billion. The merger signifies a major move in broadening Baldwin's Insurance Advisory Solutions segment by integrating CAC's expertise across various high-demand industries.

The integration is projected to boost Baldwin's adjusted earnings per share (EPS) by over 20% in 2025, considering anticipated synergies but excluding one-time integration and transaction expenses. Baldwin aims to expand its influence in sectors such as construction, education, natural resources, private equity, real estate, and senior living. This strategic merger enhances Baldwin's capabilities in financial lines, cyber risk, transactional liability, and surety products, leveraging CAC's robust data and analytics infrastructure.

The integration also involves CAC Group's diversified divisions: CAC Specialty, which offers specialized insurance brokerage; CAC Agency, providing property and casualty, personal lines, and employee benefits; and CAC Capital, which focuses on structured insurance and capital markets solutions. Maintaining a neutral net leverage at the merger's closure, Baldwin plans an accelerated deleveraging strategy through 2028. The combined entity, now comprising approximately 5,000 employees across major U.S. markets, will continue operating Baldwin's existing reinsurance and managing general agent (MGA) services, utilizing advanced technological platforms for superior risk management and underwriting efficacy.