Independent insurance agencies The Baldwin Group and CAC Group have agreed to merge to create one of the largest 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 up 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 generate 2026 gross revenue of $2 billion, Baldwin said. Its footprint will include all major U.S. markets, with nearly 5,000 employees serving clients in retail, specialty, reinsurance and MGA platforms—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.”
“This combination brings together two highly complementary firms, aligned in culture and values, yet distinct in expertise, business mix, and geographic footprint,” he said in a statement. Baldwin’s Insurance Advisory Services will be expended by CAC’s experience in the product lines of financial lines, transactional 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 Insurance Journal‘s list of Top 100 Independent Property/Casualty Agencies for 2025 with about $1.06 billion in property/casualty revenue. CAC Group, based in Birmingham, Alabama, ranked 22nd with P/C revenue of about $260 million.
“Coming together with Baldwin gives us the scale and infrastructure 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 property/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.
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Topics Mergers & Acquisitions
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