Third Wave Insurance acquires five Gulf Coast businesses

Third Wave Insurance  has agreed to acquire five insurance and advisory businesses across Louisiana, Mississippi and Florida, expanding the TPG-backed brokerage platform into the Gulf Coast region.

The acquisitions include Baton Rouge-based employee benefits and retirement advisor Massad Olinde; Mississippi-based employee benefits brokerage Acuity Group and its self-funded health plan administrator BAS; New Orleans commercial P&C agency AWS; Lafayette-based wealth management and employee benefits advisor Spielmann & Associates; and Orlando commercial P&C agency Alexander Financial Group.

Following the transactions, the five businesses will operate under Palmer & Cay, Third Wave’s flagship retail brokerage, led by Jack Cay and the existing management team.

Kelly Cox, a longtime Acuity Group executive, will lead the combined Gulf Coast platform and report to Cay.

Together, the acquisitions expand Third Wave’s capabilities across employee benefits, commercial P&C, self-funded healthcare administration, retirement and wealth management. Financial terms were not disclosed.

Atlanta-based Third Wave Insurance was launched in 2025 with backing from TPG Growth.