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 expands into the Gulf Coast region.
The acquisitions include Massad Olinde, an employee benefits and retirement advisory firm based in Baton Rouge; Acuity Group, a Ridgeland-based employee benefits broker that also operates BAS, a third-party administrator for self-funded health plans; AWS, a commercial property and casualty specialist serving the greater New Orleans area; Spielmann & Associates, which focuses on wealth management and employee benefits; and Alexander Financial Group, a commercial property and casualty agency.
Following completion of the transactions, the firms will operate under Palmer & Cay, Third Wave’s flagship retail brand, reporting to Jack Cay and his management team. Kelly Cox, who brings nearly 30 years of experience across employee benefits, self-funded healthcare and regional operations, will lead the combined Gulf Coast platform.
Third Wave said the acquisitions will create a broader regional advisory platform for middle-market clients, combining employee benefits, commercial property and casualty insurance, self-funded healthcare administration, retirement services and wealth advisory capabilities. Financial terms of the transactions were not disclosed.
The expansion forms part of Third Wave’s strategy to build a technology-enabled insurance brokerage platform focused on investing in local agency talent while improving operational efficiency. The company said its model is designed to support producers through technology, standardised processes and a performance-focused approach.
TPG, which backed Third Wave, manages $306bn in assets across private equity, impact investing, credit, real estate and market solutions strategies. The firm has increasingly targeted insurance services as part of its broader investment activity across financial services.
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 said, “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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