Baldwin Group Acquires Capstone Group in Philadelphia

Florida-based global insurance broker The Baldwin Group announced it has completed the acquisition of Capstone Group, a multi-line independent insurance brokerage firm headquartered in Lower Gwynedd Township, Pennsylvania, in the Philadelphia area.

Capstone was founded in 2013 by Kevin M. Fox, managing partner; Daniel McGill, partner, senior vice president; and Joseph T. Fox, partner, senior vice president,

Capstone offers risk management, group, and property/casualty insurance.

“Capstone was founded on the belief that clients deserve more than transactional insurance placement—they deserve strategic consultation and true partnership,” said Kevin Fox.

“We both work to transcend what our clients expect from traditional insurance and benefits brokers, making them a natural fit for our firm,” said Dan Galbraith, president, The Baldwin Group.

The purchase price was not disclosed.

Last month, Baldwin and CAC Group agreed to merge to create one of the largest independent insurance advisory and distribution platforms in the U.S. Baldwin said the purchase price was about $1.03 billion.

Tampa, Florida-based Baldwin ranked ninth on Insurance Journal‘s list of Top 100 Independent Property/Casualty Agencies for 2025 with about $1.06 billion in property/casualty revenue. CAC Group, based in Birmingham, Alabama, ranked 22nd with P/C revenue of about $260 million.