The Baldwin Group announced on December 2, 2025, that it will buy rival insurance broker CAC Group in a $1.03 billion cash-and-stock deal. According to the company, this move continues a recent wave of large mergers in the U.S. insurance brokerage industry, where consolidation has accelerated.
Deal Overview
The Baldwin Group said it will acquire CAC Group for $1.03 billion. The transaction includes both cash and stock. Specifically, Baldwin will pay $438 million in cash and issue 23.2 million shares valued at $589 million. The company described the deal as part of a broader trend of billion-dollar acquisitions among insurance brokers over the past two years.
Industry Context
U.S. insurance brokers have shifted from smaller bolt-on acquisitions to larger, multi-billion-dollar deals. Recent examples show this change in scale. In August 2025, Arthur J. Gallagher bought AssuredPartners for $13.45 billion. Also, Brown and Brown acquired Accession for $9.83 billion. These deals reflect a competitive environment where firms pursue size and market presence through major purchases.
Strategic Focus for Baldwin
Baldwin stated that acquiring CAC will strengthen its presence in the middle-market segment. This segment serves companies that are larger than typical small businesses but smaller than multinational corporations. Baldwin also said the deal gives it access to CAC’s expertise across several industries. These industries include private equity, real estate, senior living, education, and construction. In addition, Baldwin will gain CAC’s specialty product lines.
Leadership & Financial Notes
As part of the agreement, CAC’s executive chairman, Paul Sparks, will join Baldwin’s board. Baldwin also said the combined entity is expected to generate more than $2 billion in gross revenue next year.
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