Baldwin Group to Buy CAC Group for $1 Billion

• By: AnneMarie McPherson Spears
• December 4, 2025

Independent insurance agencies The Baldwin Group and CAC Group have agreed to merge, the Baldwin Group announced this week. The merger, expected to close in the first quarter of 2026, will create one of the largest independent insurance advisory and distribution platforms in the U.S.

Baldwin Group will purchase CAC Group for just over $1 billion, consisting of $438 million in cash and 23 million shares of Baldwin stock. Post-closing payments include a performance-based earnout of up to $250 million and a $70 million deferred payment.

Baldwin Group, an independent brokerage and advisory firm based in Tampa, Florida, ranked ninth on Insurance Journal’s 2025 Top 100 Independent Property/Casualty Agencies with $1.06 billion in property & casualty revenue in 2025. Birmingham, Alabama-based CAC Group ranked 22nd with P&C revenue of $260 million.

The merger pairs CAC Group’s expertise in niche industries and specialty lines with Baldwin’s middle-market distribution platform, reinsurance and managing general agent operations, and proprietary technology platforms.

The combined business is projected to be the 12th-largest brokerage in the U.S., with total placed premium of more than $14 billion and projected 2026 revenue of over $2 billion, according to Baldwin Group CEO Trevor Baldwin and chief financial officer Brad Hale on a call with analysts earlier this week.  

“This is a transformational moment for The Baldwin Group,” the brokerage said in its announcement. “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.”

The combination will comprise nearly 5,000 employees across retail, specialty, reinsurance and MGA platforms.

“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,” said Erin Lynch, CEO of CAC Group. “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.”

This deal adds to a string of billion-dollar independent agency deals over the past year and a half, following Arthur J. Gallagher’s $1.2 billion acquisition of Woodruff Sawyer in March and $13.45 billion acquisition of AssuredPartners in December 2024, as well as Marsh’s acquisition of McGriff Insurance Services for $7.75 billion in September 2024.

AnneMarie McPherson Spears is IA news editor.