Baldwin Group and CAC agree on $1.03bn insurance brokerage merger

US insurance company the Baldwin Group has signed a definitive agreement to merge with CAC Group, a specialist and middle-market insurance brokerage, for a total upfront value of $1.03bn. This comprises $438m in cash and 23.2 million shares of Baldwin common stock, which are valued at $589m based on the 30-day volume-weighted average price as of 1 December 2025. The deal structure also includes up to $250m in performance-based earnout payments and a deferred payment of $70m following closure. The transa ...