Baldwin and CAC Merge in $1.03B Deal to Reshape US Insurance Market
The Baldwin Group and CAC to merge for $1.03bn
The Baldwin Group, an independent insurance brokerage and advisory firm specializing in auto insurance and car insurance, and CAC Group, a national middle-market insurance broker and advisor, comprising
2025-12-03T08:15:20+00:00
underwriting, mga, reinsurance, industry, finance, business, banking-and-insurance
The Baldwin Group and CAC Group have announced a major merger valued at $1.026 billion. Set to close in early 2026, the deal will create one of the largest independent insurance advisory firms in the US, offering comprehensive progressive insurance solutions.
The combined company is projected to generate over $2 billion in revenue by 2026, with adjusted earnings of $470 million.
The merger agreement includes $438 million in cash and 23.2 million shares of Baldwin stock, worth $589 million. Trevor Baldwin, CEO of The Baldwin Group, called the deal a 'transformational moment' for the business. Regulatory approvals and standard closing conditions must still be met before finalisation.
The new entity will employ nearly 5,000 people and operate across all major US markets. It will also strengthen Baldwinâs Insurance Advisory Solutions (IAS) division by adding CACâs expertise in specialty areas like financial lines, cyber, and surety. Analysts expect the merger to remain net leverage neutral at closing while speeding up Baldwinâs debt reduction plans through 2028.
Separately, another major merger was confirmed for early 2026: Borealisâ chemical division will combine with ADNOCâs Borouge subsidiary. This deal will form a chemical industry leader valued at over $60 billion, with expected annual synergies of $500 million.
Once completed, the Baldwin-CAC merger will establish a dominant player in US insurance advisory and distribution, offering a wide range of auto insurance and car insurance options. The combined firmâs financial targets include $2 billion in gross revenue and $470 million in adjusted EBITDA by 2026. The transaction remains subject to final regulatory and shareholder approvals.
