CAC Specialty and Cobbs Allen merge in ‘transformative’ deal
Specialty broker CAC Specialty and Cobbs Allen, a P&C and employee benefits broker with a 135-year history, have merged in an “accelerated” deal designed to generate strong organic growth with greater scale, resources and talent.
The two companies accelerated the timing of its planned combination and completed a merger.
The transaction brings together two highly complementary brokers creating a fully integrated specialty platform to serve a broad array of clients. The combined business has approximately $190 million in revenue.
Both firms will continue to conduct business under their current names for the time being and the combined companies’ 400 insurance professionals will provide services out of 19 nationwide offices to global, national and local clients. Under the new structure, Cobbs Allen and CAC Specialty will operate under the holding company of Cobbs Allen Capital Holdings.
CAC Specialty CEO Mike Rice will serve as CEO of the combined entity, while CAC and Cobbs Allen President Bruce Denson Jr. will serve as president. Executive chairman of CAC Specialty, Paul Sparks, will remain executive chairman of the combined entity.
“CAC Specialty and Cobbs Allen have delivered consistently impressive results that we expect will continue as a combined company,” said Rice.
Sparks added: “Our team of insurance specialists is unrivalled and we are excited that our clients will have access to the broader group of services, capabilities and resources. With our greater scale, we will make even more significant investments in the business as we look to provide richer levels of support.”
“The people at both Cobbs Allen and CAC Specialty are what clients believe in,” said Denson. “Bringing our two employee-owned companies together with the support of the capital markets will only elevate our ability to be trusted advisors and the premier destination for the most talented professionals in our industry.”
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