The Baldwin Group and CAC Group to Merge, Creating the Largest Majority Colleague-Owned, Publicly-Traded Insurance Broker

Company posted press release

TAMPA, Fla.–(BUSINESS WIRE)–Dec. 2, 2025– The Baldwin Group (“Baldwin” or the “Company”) (NASDAQ: BWIN), a leading independent insurance brokerage and advisory firm, today announced it has entered into a definitive agreement to merge with CAC Group (“CAC”), a nationally recognized specialty and middle-market insurance brokerage firm (#35 in Business Insurance’s 2025 rankings). This transformational combination is expected to create one of the largest independent insurance advisory and distribution platforms in the United States, with exceptional depth in industry specialization and product expertise. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals.

The combination is expected to significantly expand the specialty capabilities of The Baldwin Group’s Insurance Advisory Solutions (IAS) segment by integrating CAC’s deep expertise in industries such as natural resources, private equity, real estate, senior living, education, and construction. Additionally, the combined company is expected to benefit from CAC’s strength in specialty product lines, including Financial Lines, Transactional Liability, Cyber, and Surety. These specialty capabilities are further strengthened by CAC’s industry-leading data and analytics platform.

The merger pairs CAC’s specialty expertise with Baldwin’s extensive middle market distribution platform, creating new pathways to bring advanced solutions to a broader client base. The combined platform expects to leverage Baldwin’s reinsurance and MGA operations and proprietary technology platforms. The merger also unites two colleague-centric cultures grounded in equity ownership and a shared commitment to attracting and developing the industry’s top talent.

With a footprint in all major markets across the United States, the combined organization will comprise nearly 5,000 colleagues serving clients across retail, specialty, reinsurance, and MGA platforms.

“This is a transformational moment for The Baldwin Group. 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,” said Trevor Baldwin, CEO of The Baldwin Group. “CAC has built an enviable specialty firm, and we are looking forward to welcoming their exceptional team to The Baldwin Group.”

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