Third Wave Insurance Acquires Palmer & Cay: A Strategic Expansion

Third Wave Insurance, led by Brian Bair, has announced its acquisition of Palmer & Cay, an Atlanta-based brokerage firm. While financial details of the acquisition remain undisclosed, Third Wave, backed by TPG from San Francisco, plans for Palmer & Cay to operate independently with Jack Cay continuing in leadership. This acquisition marks a strategic expansion, highlighting Third Wave's commitment to innovation in the insurance industry.

Bair, formerly retail president, East, at AssuredPartners prior to its acquisition by Arthur J. Gallagher & Co., underscores Third Wave's strategy for organic growth and strategic acquisitions. He states, “We’re building a modern, standardized operating system for commercial brokerage.” The focus on leveraging new technology and carefully selected mergers aims at strengthening Third Wave's position within the brokerage sector, aligning with the industry's push towards regulatory compliance and technological advancements.

This move signifies a pivotal development in the commercial insurance brokerage sector, epitomizing the trend of consolidation and technological progression. The strategic approach advocated by Third Wave highlights the crucial role of modern technologies and strategic partnerships in maintaining competitive advantage and enhancing operational efficiencies. For further industry insights and updates, consider subscribing to Business Insurance, a leading source for risk management and financing professionals.