The Baldwin Insurance Group, Inc. · NASDAQ:BWIN
The Baldwin Insurance — Merger or Acquisition (December 2025)
26 slides from The Baldwin Insurance's merger presentation, Dec 2, 2025
Slide 1: Baldwin Group and CAC Group to Merge
Baldwin Group and CAC Group to Merge December 2, 2025
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Note Regarding Forward-Looking Statements This presentation contains statements by Baldwin Insurance Group, Inc. (“Baldwin”, “we”, “us”, “our” or the “Company”) that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigat
Slide 3: Disclaimer: Non-GAAP Measures
Disclaimer Non-GAAP Measures This Presentation includes certain financial measures (e.g., Pro Forma Revenue, Retained Commissions and Fees, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Margin on Retained Commissions and Fees, Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, C
Slide 4: Transaction Overview
Transaction Overview 4
Slide 5: Key Transaction Terms
Key Transaction Terms The Baldwin Group to merge with CAC Group $310+ million of 2025E Gross Revenue Transaction $70+ million of 2025E Pro Forma Adjusted EBITDA $130+ million of 2025E Pro Forma Adjusted EBITDA inclusive of expected synergies Cash Delivered at Close: $438 million Class A Shares Deliv
Slide 6: Key Partnership Highlights
Key Partnership Highlights 1 Unique combined business built on deep domain expertise and differentiated capabilities Top-tier organic growth story driven by combined industry and product expertise, new business generation and tech- 2 enabled distribution strategies 3 Advisor-centric model + industry
Slide 7: CAC Group Overview
CAC Group Overview Ranked #35 on Business Insurance’s 2025 Top 100 U.S. Brokers List, CAC Group is a leading colleague-owned, specialty-focused brokerage and advisory firm delivering differentiated, high-impact solutions to clients via deep industry and product expertise #35 $2.2B $345M $90M 29% Bus
Slide 8: CAC Group: Leading Talent, Capabilities, and Results
CAC Group: Leading Talent, Capabilities, and Results Top-tier class culture, talent, and alignment fuel performance that consistently outpaces the industry Organic Revenue Growth (1) – Annual Average Last 5 Years Avg. for Last 5 Years ('20-'24) Strong workforce 2025E 29%(2) +22 pp. alignment on firm
Slide 9: Baldwin + CAC Combined KPI Snapshot
Baldwin + CAC Combined KPI Snapshot Category Illustrative Combined Business Insurance Rank #35 #15 #12 Total Premium $2B+ $12B+ $14B+ 2026E Total Revenue $345M $1,660 - $1,700M $2,005 - $2,045M Avg. Organic Revenue Growth (1) 29% ('20 - LTM 6/30/25) (2) 20% ('20 - '24) Double digit, industry leading
Slide 10: CAC Group Operations Overview
CAC Group Operations Overview 10
Slide 11: CAC Group Today
CAC Group Today A nationally recognized platform with extensive reach and strong presence across key focus sectors Industry focused teams delivering brokerage and advisory services Summit New York City Seattle Boston Eugene Philadelphia Minneapolis Chicago Natural FIG / Healthcare / San Francisco Ka
Slide 12: Distinct Expertise and Capabilities
Distinct Expertise and Capabilities Depth of expertise Offered over a wide breadth of industries Industry Driven P&C Industry focused teams deliver specialized P&C Solutions brokerage and advisory services Natural Resources FIG / Private Equity Places D&O, E&O, cyber, fiduciary, crime, and Financial
Slide 13: Track Record of Outsized Organic Revenue Growth
Track Record of Outsized Organic Revenue Growth Uniting industry-leading advisors with specialized product and industry expertise High-Octane Advisors + Specialized Focus = Top-Tier Organic Revenue Growth Track-Record Advisor Hiring Success Industry-Leading, Differentiated Verticals • Systematic and
Slide 14: Advisor-Centric Platform Draws and Retains Elite Talent
Advisor-Centric Platform Draws and Retains Elite Talent Building long-term value through strategic talent development and retention Guiding principles for CAC Group’s advisor hiring strategy Consistent roster of advisors who accelerate growth • Only recruit advisors whose values and growth aspiratio
Slide 15: Energetic & Experienced Leadership Team
Energetic & Experienced Leadership Team Ready to Drive Next Phase of Growth 4+ 20+ <1 30+ 3+ 15+ 4+ 18+ 11+ 18+ Erin Lynch John Ludwig Johnathan Andrea Ash Grantland Chief Executive Officer President & Chief Daniel Chief Operating Rice, IV Growth Officer Chief Financial Officer Officer Chief Adminis
Slide 16: Combined Business Overview
Combined Business Overview 16
Slide 17: BWIN + CAC: Combined Business Overview
BWIN + CAC: Combined Business Overview Baldwin Current State Baldwin + CAC Mainstreet Mainstreet Insurance Insurance Insurance Advisory Solutions Solutions Solutions 16% 20% (IAS) 40% Insurance ~$1.5bn Advisory Solutions ~$1.8bn 2025E Gross Revenue 2025E Pro Forma (IAS) 49% Gross Revenue Underwritin
Slide 18: CAC's Proven Playbook
Baldwin + CAC: Fueling Growth Through Deep Specialization Following the 2019 founding of CAC Specialty, Cobbs Allen advisors that were historically focused on middle market clients were empowered to move up market, retain clients as they grew, and expand wallet share by leveraging the specialty capa
Slide 19: BWIN + CAC = Insurance Industry Alchemy
BWIN + CAC = Insurance Industry Alchemy AL·CHE·MY the seemingly magical process of transformation, creation, and combination that engenders outcomes exponentially better than what could be achieved on our own as individuals or as singular firms TOGETHER, our work with successful clients, new partner
Slide 20: Additional Transaction Information
Additional Transaction Information 20
Slide 21: Estimated Synergies, Integration Costs & Transaction Expenses
Estimated Synergies, Integration Costs & Transaction Expenses Expected synergies of approximately $60 million to be realized over a 3-year period (~25% / 75% split between revenue / expense synergies) - Year 1 (2026): ~$10 million → expected to drive 3-5% EPS accretion - Year 2 (2027): ~$30 million
Slide 22: Historical Leverage and Liquidity Profile
Historical Leverage and Liquidity Profile History of disciplined financial policy with a stated long-term net leverage target of 3.0-4.0x (1) Net Leverage Debt Maturity Profile ($M) Westwood TLB upsized by Revolving Credit Facility Senior Secured Notes Term Loan B May 2024 partnership $170mm in Refi
Slide 23: Appendix
Appendix
Slide 24: Retained Commissions & Fees and Organic Revenue Growth Reconciliation – CAC Group
Retained Commissions & Fees and Organic Revenue Growth Reconciliation – CAC Group LTM AMOUNTS IN 000s June 2025 Revenues $310,097 Less: Outside commissions (10,209) Retained commission and fees $299,888 LTM AMOUNTS IN 000s FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 June 2025 (1) Commissions and fees $9
Slide 25: Retained Commissions & Fees and Organic Revenue Growth Reconciliation – The Baldwin Group
Retained Commissions & Fees and Organic Revenue Growth Reconciliation – The Baldwin Group (Excluding CAC Group) LTM AMOUNTS IN 000s June 2025 Revenues $1,461,046 Less: Outside commissions (279,545) Retained commission and fees $1,181,501 AMOUNTS IN 000s FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Commis
Slide 26: Net Leverage Reconciliation – The Baldwin Group (Excluding CAC Group)
Net Leverage Reconciliation – The Baldwin Group (Excluding CAC Group) Credit Agreement Adjusted EBITDA bridge & leverage calculations ($M) Investments LTM Q2 2022 LTM Q2 2023 LTM Q4 2023 LTM Q4 2024 LTM Q3 2025 Pro forma revenue 820.2 1,133.7 1,218.6 1,382.8 1,501.9 1• Partnership costs – Primarily
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