The Baldwin Group, Inc. (NASDAQ: BWIN) completed a $1.026 billion merger with CAC Group, a nationally recognized specialty and middle‑market insurance brokerage. The deal was financed with $438 million in cash and 23.2 million shares of Baldwin common stock valued at $589 million, giving CAC shareholders a 20.5% stake in the combined company.
The transaction brings Baldwin’s independent brokerage platform together with CAC’s specialty, agency, and capital‑market capabilities. The combined entity will leverage Baldwin’s proprietary technology platform and embedded insurance solutions while integrating CAC’s established relationships with large corporations and small‑to‑medium enterprises. Management expects the merger to accelerate revenue growth, deepen market penetration, and strengthen the company’s competitive position in the insurance distribution industry. The deal is a key milestone in Baldwin’s plan to become a leading provider of integrated insurance solutions across the United States.
Baldwin’s financial outlook reflects the expected synergies. The combined company is projected to generate gross revenue exceeding $2 billion and adjusted EBITDA over $470 million in 2026, and the transaction is expected to be accretive to Baldwin’s 2025 adjusted EPS by more than 20%. The projections are driven by cross‑selling opportunities across Baldwin’s three operating segments—Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions, and Mainstreet Insurance Solutions— and by the expanded product mix that includes CAC’s specialty lines, personal lines, and employee benefits.
The merger is part of Baldwin’s 3B30 Catalyst program, a three‑year transformation initiative focused on automation, artificial intelligence, and process optimization. The program targets $40 million in annualized savings by 2028 and is intended to unlock operational efficiencies that will support the expanded distribution network. CEO Trevor Baldwin noted that the company’s M&A strategy will be “episodic in nature,” focusing on acquiring the right talent and expertise in the right places to accelerate growth.
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