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Tampa-based The Baldwin Group announced late Tuesday that it has struck a deal to acquire CAC Group in a transaction valued at up to $1.346 billion, a move that will dramatically expand its specialty insurance capabilities and forge one of the largest independent advisory platforms in the United States.

A Billion-Dollar Blueprint for Expansion

In its announcement, Baldwin revealed an upfront package totaling $1.026 billion—a mix of $438 million in cash and 23.2 million Baldwin shares worth $589 million, based on the 30-day VWAP as of Dec. 1.

Layered atop that is up to $250 million in performance-based earnouts and a $70 million deferred payment, rounding out a deal engineered to blend immediate firepower with long-term performance incentives.

The company said the acquisition is projected to lift adjusted earnings per share by more than 20% in 2025, excluding integration charges. Despite the size of the transaction, Baldwin expects the deal to be net-leverage neutral at closing and to accelerate its deleveraging path through 2028.

A New Contender in U.S. Insurance Brokerage

Combined Revenue Expected to Surpass $2B by 2026

Baldwin projects the merged organization will generate over $2 billion in gross revenue by 2026. On a pro forma basis, it expects to stand as the largest majority colleague-owned, publicly traded insurance broker in the country—an achievement reshaping the competitive map of the sector.

CAC Group, headquartered in Denver, brings deep expertise in specialty lines such as financial and transactional liability, cyber, and surety. Its client base spans natural resources, private equity, real estate, senior living, and construction, making it a heavy hitter in focused risk categories.

A Marriage of Strengths: Specialty Meets Scale

Baldwin said the merger will integrate CAC’s specialty markets with its own middle-market distribution, reinsurance, and MGA operations, while folding in CAC’s advanced data and analytics capabilities. Together, the combined company will employ nearly 5,000 people across major U.S. hubs.

Executives Say the Deal Hinges on Cultural Alignment

“This combination brings together two highly complementary firms, aligned in culture and values, yet distinct in expertise, business mix, and geographic footprint,” CEO Trevor Baldwin said.

CAC CEO Erin Lynch echoed the sentiment, saying the merger provides scale and infrastructure without sacrificing the firm’s specialized edge.
“This positions us to deliver more for clients and expand opportunities for colleagues, while staying true to the values that have fueled our growth,” Lynch said.