CAC deal reshapes the balance sheet
The headline revenue increase reflects Baldwin’s January 2026 merger with CAC Group, a specialty and middle-market brokerage. CAC was acquired for $1.026 billion in upfront consideration: $438 million in cash and 23.2 million Baldwin common shares. CAC Group had revenues approaching $295 million heading into the deal and brought capabilities in natural resources, private equity, real estate, construction, financial lines, cyber, and surety. CAC generated $94 million in revenue this quarter, up 23% from the same period in 2025, and its private equity team won 130 new client accounts in the period – a detail worth noting for brokers assessing how actively CAC’s specialty capabilities are being cross-sold into the wider Baldwin platform since the deal closed.
