TPG Launches New Retail Insurance Brokerage Platform Third Wave Insurance with Inaugural Partnership with Palmer & Cay

SAN FRANCISCO & ATLANTA--(BUSINESS WIRE)--TPG (NASDAQ: TPG), a leading global alternative asset management firm, today announced the launch of Third Wave Insurance (the “Company”), a newly formed retail insurance brokerage platform utilizing the latest technology and innovation to drive client success. Third Wave Insurance is led by Founder and CEO Brian Bair, a seasoned leader in the insurance industry.

In tandem with this announcement, the Company is announcing its inaugural partnership with Palmer & Cay, a leading independent insurance and employee benefits brokerage with offices across the Southeastern U.S. Palmer & Cay will serve as Third Wave’s flagship retail business and will continue to operate under its storied brand. The firm will continue to be led by CEO Jack Cay – the fifth generation of the Cay family to lead the firm – and his leadership team.

“Together with Brian and Jack, we have established a shared vision for a technology-enabled, highly professionalized insurance brokerage platform,” said BJ Loessberg, a Business Unit Partner at TPG Growth. “Throughout its 150+ year history, Palmer & Cay has built a client-focused culture that is fueled by attracting and developing top industry talent. Their team is an ideal anchor partner for Third Wave Insurance, and we see a significant opportunity to build on their impressive momentum, while scaling the platform through both organic and inorganic expansion.”

“Our team brings a proven track record of navigating the ongoing evolution and waves of transformation that have defined the insurance industry over the past three decades,” said Bair. “Today, we are at the forefront of the technology wave of transformation in this space and are ready to drive meaningful change once again through the launch of Third Wave Insurance. We’ve been impressed by Palmer & Cay’s remarkable legacy of success, entrepreneurial spirit, and client-first approach, and are thrilled to partner with Jack and his team. Together with the team at TPG, we are excited to bolster what makes Palmer & Cay so special and create a platform that can continue to scale organically, while capitalizing on this new partnership to fuel strategic growth in key areas.”

“We are extremely proud of what we have built to date,” said Cay. “Our firm is known for always putting clients first, never wavering against a challenge, and for our integrity. We have attracted some of the best people in our business, focused on exceptional client service and solving complex business issues. I am grateful for TPG and Third Wave’s partnership. This is an exciting next chapter that will allow Palmer & Cay to continue to invest in our people, resources, and technology to position our clients for further success.”

Known for tenaciously advocating for clients and delivering strategic, customized, measurable results that earn their trust, Palmer & Cay has a reputation as a leading insurance brokerage and risk management firm with an unwavering focus on client success. TPG Growth, the middle market and growth equity platform of TPG, is funding the strategic investment, which will enable Palmer & Cay to continually reinvest in the services their clients rely upon, develop new areas of expertise, and recruit mission-aligned colleagues who will add to the firm’s culture and success.

ABOUT TPG:

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $286 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams and communities. Learn more: TPG.com

ABOUT THIRD WAVE INSURANCE:

Third Wave Insurance is an insurance agency that was founded to challenge the status quo and redefine what’s possible in our industry. The firm invests in people, leverages technology, and standardizes execution. Our producer-focused model empowers those closest to the client and the market, removing friction and rewarding performance so value-creators can operate with clarity, speed, and support. We’re committed to building something enduring—powered by talent, technology, trust, and long-term vision—because this is the next wave, and we’re just getting started. Learn more: thirdwaveinsurance.com

ABOUT PALMER & CAY:

Founded in 1868, Palmer & Cay is an award-winning insurance service and brokerage firm focused on delivering strategic employee benefit, commercial property, casualty, executive liability, surety, private equity and program solutions. The firm has set the standard for exceptional service by offering highly tailored, cost-effective, strategically focused solutions for middle-market to large corporate clients in a wide range of industries. For more than 150 years, Palmer & Cay has been tenaciously advocating for clients and delivering results that earn their trust. Learn more: palmerandcay.com