BIRMINGHAM, Ala.–(BUSINESS WIRE)–Cobbs Allen today announced the formation of CAC Specialty, a specialty insurance brokerage and investment banking platform that will bring bespoke insurance solutions to public and private companies and private equity sponsors. CAC Specialty represents the next wave in the long-term convergence of insurance and capital markets by combining structured finance solutions with insurance broking capabilities.
CAC Specialty will be led by a team of experienced and accomplished insurance and capital markets executives. Paul Sparks, who has more than 25 years of experience as the founder and head of the financial services division of McGriff, Seibels & Williams, will serve as Executive Chairman of CAC. David Payne, who was previously the Chief Revenue Officer of JLT, will be the Chief Revenue Officer. Jack Leventhal, Senior Managing Director and Executive Officer at Teneo Capital, will lead the investment banking business, and Bruce Denson Jr., President of Cobbs Allen, will also serve as President of CAC.
“The current consolidation in the insurance brokerage marketplace has created a need for an independent platform with scalability and the ability to move quickly and nimbly to serve the increasingly complex needs of corporate and private equity clients,” Sparks said. “CAC Specialty’s capabilities, talent and ownership structure provide a needed industry paradigm shift.”
“This new platform will combine the capabilities of an investment bank and an insurance broker to offer creative risk-transfer solutions for clients,” Leventhal said. “We will deliver a unique suite of products and services that will help clients significantly reduce costs, increase capital efficiency and facilitate the execution of strategic priorities.”
Leventhal and his team are part of Teneo’s Capital Advisory business, which will maintain a strategic relationship with the firm.
“I am excited to be part of a platform that has aligned its business to its clients and its employees,” said Payne. “Our ability to bring end-to-end risk transfer solutions will drive meaningful benefits for our stakeholders. The risk market is changing rapidly and the CAC Specialty platform will lead from the front in providing creative solutions to solve complicated risk issues. The future is very exciting.”
CAC Specialty will be majority employee-owned and has a strong commitment to independence.
“Our experience at Cobbs Allen has taught us that employees invested in the long-term value of their own company produce the longest-term value for our clients,” Denson added. “We couldn’t be prouder to be part of such a watershed moment in our industry. I look forward to working with the leadership of CAC Specialty and many more talented individuals who want to create value every day for their clients.”
The business has already added many key leadership positions.
- Darren Sonderman is Executive Vice President and Head of the Atlanta office.
- John Tanner joins as Chief Legal Officer.
- Jason Horwitz joins as Executive Vice President of Special Situations Group.
- Andy Lennox joins as Senior Vice President of Complex Casualty.
- David McMahan, Adam Lantrip, Brian Hood, Jacalyn Kroupa, Jennifer Schaeffer, Rik Goyton, Gavin Shiels, Greg McCollister and Billy Kroupa join as Senior Vice Presidents.
- Vince Mutolo as Senior Managing Director and Michelle Lam as Senior Vice President join the investment banking business. Sasson Posner and Chris Jacks join from Cobbs Allen as consultants in the Structured Solutions Practice.
The firm will have offices in Atlanta, Chicago, Denver, San Francisco and New York. More cities and leaders will be announced in the coming weeks.
Cobbs Allen is an independent, national agency focused on enterprise risk management in niche practice groups. Founded in 1887 and headquartered in Birmingham, AL, Cobbs Allen has offices in Columbus, Houston, New Orleans, New York City, Kansas City, Mobile and Tulsa. The firm is still owned and led by its employees. For more information about Cobbs Allen, please visit cobbsallen.com.