The employee-owned combined company is ideally positioned to generate continued strong organic growth and to deliver best-in-class value to its clients.
Denver (January 2, 2023) – CAC Specialty, an industry-leading specialty broker, and Cobbs Allen, a P&C and employee benefits broker with a 135-year history, today announced that the two companies have accelerated the timing of their planned combination and completed a merger.
The transaction brings together two highly complementary, top-100 brokers and 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 business ranks #41 in Business Insurance’s 2021 Brokers Directory.
“CAC Specialty and Cobbs Allen have delivered consistently impressive results that we expect will continue as a combined company,” said Mike Rice, CAC Specialty CEO. Paul Sparks, Executive Chairman of CAC Specialty, added, “Our team of insurance specialists is unrivaled 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 Bruce Denson Jr., President of Cobbs Allen and CAC Specialty. “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.”
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. 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. Executive Chairman of CAC Specialty, Paul Sparks, will remain Executive Chairman of the combined entity.
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 and Weil, Gotshal & Manges acted as legal counsel to CAC Specialty, in the transaction.