Overview of Transaction

• TPG and its portfolio company Third Wave Insurance announced a strategic partnership with Palmer Cay, a leading national insurance brokerage and agency services platform.
• The relationship establishes Palmer Cay as the inaugural strategic partner for Third Wave’s new retail insurance brokerage platform, designed to unify best-in-class agency talent and drive differentiated growth for producer teams.
• This collaboration positions Third Wave and Palmer Cay to bring enhanced resources, scale, and service offerings to independent retail insurance agents nationwide, anchored by a shared vision of agency-centric growth.

Significance of Transaction

• The partnership marks an important step in Third Wave’s strategy to build a premier national retail insurance brokerage platform that empowers agency owners with capital, technology, and operational support.
• By selecting Palmer Cay as its first affiliate partner, Third Wave aligns with a well-established industry leader known for independent agency support, carrier relationships, and growth infrastructure.
• The strategic alliance reflects broader industry momentum toward consolidation and platform-enabled growth in insurance distribution, driven by the desire for scale, enhanced services, and long-term producer value creation.

Mystic Capital Advisor’s Role

• Mystic Capital Advisors served as financial and strategic advisor to TPG and Third Wave Insurance, guiding the development of the retail brokerage strategy, partner evaluation, and execution of the inaugural partnership with Palmer Cay.
• Mystic’s role reflects deep sector expertise and demonstrated ability to advise private equity sponsors and emerging insurance platforms on catalytic strategic transactions.
  
  

https://www.tpg.com/news-and-insights/tpg-launches-new-retail-insurance-brokerage-platform-third-wave-insurance-with-inaugural-partnership-with-palmer-cay