Third Wave Insurance Expands Into Gulf Coast Region with Acquisition of Five Insurance and Advisory Businesses
Adds employee benefits, commercial P&C, self-funded healthcare administration, retirement, and wealth advisory
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Third Wave Insurance (“Third Wave”), a retail insurance brokerage platform backed by TPG, a leading global alternative asset management firm, today announced that it has entered into definitive agreements to acquire five insurance and advisory agencies across Louisiana, Mississippi, and Florida, marking its strategic entry into the highly attractive Gulf Coast market and further expanding its footprint in the Southeast. The acquisitions include Massad Olinde, a Baton Rouge-based employee benefits and retirement advisory business; Acuity Group, a Ridgeland‑based employee benefits brokerage that includes BAS, its third‑party administrator for self‑funded health plans; AWS, a commercial property and casualty agency serving the greater New Orleans market; Spielmann & Associates, a Lafayette-based wealth management and employee benefits advisory business; and Alexander Financial Group, an Orlando-based commercial property and casualty agency. Following the close of the transactions, all five businesses will operate under the Palmer & Cay brand, Third Wave’s flagship retail business, under the leadership of Jack Cay and the Palmer & Cay management team.
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Each agency brings distinct strengths to Third Wave and has a deep heritage within its respective market. Together, these acquisitions establish a scaled one-stop shop regional advisory model for middle-market clients. Massad Olinde adds a scaled employee benefits and wealth management business in Baton Rouge. Acuity Group expands Third Wave’s employee benefits capabilities and introduces self-funded healthcare administration through BAS. AWS and Alexander Financial Group further strengthen the platform’s commercial property and casualty presence, while Spielmann & Associates brings specialized wealth advisory and employee benefits capabilities, as well as longstanding relationships with business owners.
“We built Third Wave as a modern insurance platform focused on investing in talented people and leveraging technology to deliver strong outcomes for clients,” said Brian Bair, Founder and CEO of Third Wave Insurance. “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.”
“Expanding into the Gulf Coast and broadening Third Wave’s capabilities marks an exciting next step in the platform’s development,” added BJ Loessberg, a Business Unit Partner at TPG Growth. “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.”
Kelly Cox, a longtime leader within the Acuity Group organization, will lead the combined Gulf Coast platform and will report to Jack Cay. Cox brings nearly three decades of experience across employee benefits, self‑funded healthcare, and operational leadership in the region.
Mystic Capital Partners acted as the financial advisor to Third Wave Insurance. MidCap served as the financial advisor to Massad Olinde, Acuity Group, AWS, and Spielmann & Associates. Terms of the transactions were not disclosed.
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 TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $306 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.
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