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Baldwin Group Q2 revenue jumps 30% after CAC acquisition
Organic revenue rose just 2%, while Baldwin’s Insurance Advisory Solutions business fell 2% organically, highlighting uneven growth across segments.
Baldwin Group posted a 30% year-over-year increase in second-quarter 2026 commissions and fees to $488.8 million, helped primarily by its January 2026 merger with CAC Group, a specialty and middle-market brokerage, according to Insurance Business.
The company said organic revenue growth, which excludes the first 12 months of revenue from newly added partners, came in at 2% versus 11% in the second quarter of 2025. Behind that headline, Baldwin reported organic weakness in its Insurance Advisory Solutions segment, where revenue fell 2%, driven by a 240-basis-point headwind from client retention and a further 150-basis-point drag from a procedural accounting change.
Baldwin’s other areas showed strength, with Underwriting, Capacity & Technology Solutions growing 6% organically, supported by multifamily and admitted home products. Mainstreet Insurance Solutions grew 4% organically, or 10% after stripping out QBE commission resets and Medicare underperformance.
Financially, total revenue during the quarter was $492.9 million. Adjusted EBITDA rose 37% to $116.7 million, and the adjusted EBITDA margin expanded 110 basis points to 23.7%. The CAC deal included $438 million in cash and 23.2 million Baldwin common shares, with CAC generating $94 million in revenue ahead of the acquisition.