TPG Launches Third Wave Brokerage, Which Acquires Palmer & Cay in Atlanta

In a three-way deal, TPG, an asset management firm, has launched an insurance brokerage with offices in South Carolina. That brokerage, Third Wave Insurance, has acquired Palmer & Cay, an insurance and employee benefits brokerage in Atlanta.

Palmer & Cay, founded in 1968, will serve as the flagship retail business for Third Wave and will continue to operate under its own name, the companies said in a news release. Palmer & Cay focuses on commercial coverage for mid- to large corporate clients. Jack Cay is CEO and is the fifth generation of Cay family members to lead the firm.

Third Wave, with headquarters in Bluffton, South Carolina, said it offers a producer-focused model aimed at speeding the process. Brian Bair, an insurance industry veteran, is founder and CEO.

TPG, with offices in San Francisco, has $286 billion of assets under management, the firm said.