Independent insurance agencies The Baldwin Group and CAC Group have agreed to merge to create one of the largest independent insurance advisory and distribution platforms in the U.S.
Baldwin said the purchase price of about $1.03 billion consists of $438 million in cash and 23.2 million shares of its stock valued at $589 million.
Together, the combination of brokers are expected to generate 2026 gross revenue of $2 billion, Baldwin said.
Tampa, Florida-based The Baldwin Group ranked ninth on Insurance Journal‘s list of Top 100 Independent Property/Casualty Agencies for 2025 with about $1.06 billion in property/casualty revenue. CAC Group, based in Birmingham, Alabama, ranked 22nd with P/C revenue of about $260 million.
The transaction is expected to close in the first quarter of 2026.
The merger is the latest in a streak of billion dollar insurance brokerage deals.
In August, Arthur J. Gallagher & Co. closed on its $13.45 billion cash acquisition of Florida-based AssuredPartners, further expanding its retail middle-market property/casualty and employee benefits focus across the U.S.
In June, Brown & Brown Inc. agreed to buy Accession Risk Management, the parent company of specialty brokerage firm Risk Strategies and wholesaler One80 Intermediaries, for about $9.8 billion.
Topics
Mergers & Acquisitions
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