Baldwin and CAC Group finalise $1.03bn merger deal

Core Insights - The Baldwin Group has completed its merger with CAC Group for an upfront consideration of $1.03 billion, announced in December 2025 [1] - The merger is projected to increase Baldwin's adjusted earnings per share (EPS) by over 20% in 2025, based on anticipated synergies [2] Group 1: Financial Impact - The deal is expected to be accretive to Baldwin's 2025 adjusted EPS by more than 20%, excluding one-off integration and transaction costs [2] - Baldwin anticipates that net leverage will remain "neutral" at closing and plans for accelerated deleveraging through 2028 [2] Group 2: Operational Integration - The integration will enhance Baldwin's Insurance Advisory Solutions segment by leveraging CAC's expertise in various sectors such as construction, education, and private equity [3] - The merger will expand Baldwin's capabilities in financial lines, transactional liability, cyber risk, and surety products, supported by CAC's data and analytics infrastructure [3] Group 3: Business Structure - The merged entity will align CAC's specialist knowledge with Baldwin's middle-market distribution network while continuing to operate existing reinsurance and managing general agent (MGA) services [4] - The combined business will employ around 5,000 individuals across major US markets, serving clients in retail, specialty, reinsurance, and MGA sectors [4]