Third Wave Insurance, the retail insurance brokerage platform backed by global alternative asset manager TPG, has agreed to acquire five insurance and advisory firms across Louisiana, Mississippi and Florida as it continues to expand its regional brokerage platform and strengthen its position in the US middle market.
The acquisitions include Baton Rouge-based Massad Olinde, employee benefits broker Acuity Group and its third-party administrator BAS, commercial P&C specialist AWS, Lafayette-based Spielmann & Associates, and Orlando-headquartered Alexander Financial Group. Financial terms of the transactions were not disclosed.
Upon completion, the businesses will operate under Palmer & Cay, Third Wave’s flagship retail brokerage brand.
Kelly Cox, who has nearly 30 years of experience across employee benefits, self-funded healthcare and regional operations, will lead the combined Gulf Coast platform, reporting to Palmer & Cay CEO Jack Cay.
The acquisitions broaden Third Wave’s capabilities across employee benefits, commercial property and casualty insurance, self-funded healthcare administration, retirement services and wealth advisory, creating a larger regional platform focused on serving middle-market clients.
The expansion reflects continued consolidation across the insurance distribution market, as private equity-backed brokerages seek greater scale, broader product capabilities and operational efficiencies through regional acquisitions.
Third Wave is backed by TPG, which manages approximately $306bn in assets across private equity, credit, impact investing, real estate and market solutions.
Third Wave Insurance founder and CEO Brian Bair said, “We built Third Wave as a modern insurance platform focused on investing in talented people and leveraging technology to deliver strong outcomes for clients. These acquisitions are all high-quality businesses with strong reputations in their markets. We are excited to welcome their teams to Third Wave. These additions significantly expand our presence along the Gulf Coast and broaden the services we offer to middle-market clients.”
TPG Growth business unit partner BJ Loessberg added, “Expanding into the Gulf Coast and broadening Third Wave’s capabilities marks an exciting next step in the platform’s development. The addition of these strong regional agencies enhances the platform across employee benefits, commercial P&C, and related services, and we look forward to the continued progress of the platform as we continue to have strong conviction in the depth and experience of the Third Wave leadership team.”
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