The Baldwin Group, a US-based independent insurance brokerage, has concluded its merger with middle-market insurance brokerage CAC Group for an upfront consideration of $1.03bn.
The deal was announced in December 2025.
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CAC Group comprises several divisions: CAC Specialty, which focuses on specialised insurance brokerage; CAC Agency, offering property and casualty, personal lines and employee benefits services; and CAC Capital, a structured solutions unit involved in insurance and capital markets.
The deal is expected to be accretive to Baldwin’s 2025 adjusted earnings per share (EPS) by more than 20%, based on projected full run-rate synergies and excluding one-off integration and transaction costs.
At the time of the deal’s announcement, the company projected that net leverage will remain “neutral” at closing and that it intends to pursue accelerated deleveraging through 2028.
The integration is expected to broaden the scope of Baldwin’s Insurance Advisory Solutions segment by incorporating CAC’s expertise in areas including construction, education, natural resources, private equity, real estate and senior living.
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By GlobalDataAdditionally, the combination will add to Baldwin’s capabilities in financial lines, transactional liability, cyber risk and surety products, supported by CAC’s data and analytics infrastructure.
The merged enterprise plans to align CAC’s specialist knowledge with Baldwin’s middle-market distribution network.
The group will also continue to operate existing reinsurance and managing general agent (MGA) services and use technology platforms developed by Baldwin.
The combined business has around 5,000 employees across major US markets, serving clients in retail, specialty, reinsurance and MGA sectors.
