Specialty broker CAC Specialty and Cobbs Allen, a P/C and employee benefits broker, today announced the completion of their merger.
The transaction creates a fully integrated specialty platform with the scale, resources and talent to serve a broad array of clients, with approximately $190 million of revenue. The combined companies’ 400 insurance professionals will provide services out of 19 nationwide offices.
Both firms will continue to conduct business under their current names for now. Under the new structure, Cobbs Allen and CAC Specialty will operate under the holding company of Cobbs Allen Capital Holdings LLC.
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. Paul Sparks, executive chairman of CAC Specialty, will remain executive chairman of the combined entity.
“Our team of insurance specialists is unrivaled,” said Sparks in a statement, “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.”
Denson added, “The people at both Cobbs Allen and CAC Specialty are what clients believe in. 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.”
Waller Helms Advisors acted as exclusive financial advisor for both Cobbs Allen and CAC Specialty. Maynard, Cooper & Gale acted as legal advisor to Cobbs Allen, while Weil, Gotshal & Manges acted as legal counsel to CAC Specialty.
Mergers & Acquisitions
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