The Baldwin Group has agreed to merge with CAC Group, a nationally recognized specialty and middle‑market insurance brokerage. The combination is expected to create one of the largest independent insurance advisory and distribution platforms in the country, with closing anticipated in the first quarter of 2026. 

Total upfront consideration is approximately $1.026 billion, including $438 million in cash and 23.2 million shares of Baldwin common stock valued at $589 million based on the 30‑day VWAP as of December 1, 2025, implying a 7.9x multiple of 2025E pro forma adjusted EBITDA including targeted full run‑rate synergies. 

Post‑closing payments include a performance‑based earnout of up to $250 million and a $70 million deferred payment. The transaction is expected to be accretive to 2025 adjusted EPS by more than 20% (excluding one‑time integration and transaction costs), approximately net‑leverage neutral at close, and to accelerate Baldwin’s deleveraging trajectory through 2028. 

The combined business is projected to generate more than $2 billion in gross revenue and over $470 million in adjusted EBITDA in 2026, positioning Baldwin as the largest majority colleague‑owned, publicly traded insurance broker in the U.S. on a pro forma basis. The merger will materially expand the specialty capabilities of Baldwin’s Insurance Advisory Solutions segment, adding CAC’s expertise in natural resources, private equity, real estate, senior living, education, and construction, as well as Financial Lines, transactional liability, cyber, and surety. 

Together, the firms will employ nearly 5,000 colleagues across all major U.S. markets, integrating CAC’s specialty and data‑analytics platform with Baldwin’s middle‑market distribution, reinsurance and MGA operations, proprietary technology, and equity‑oriented culture.