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Alabama-based specialty insurance broker Cobbs Allen is forming CAC Specialty, a combined specialty insurance brokerage and investment banking platform to offer customized insurance and risk transfer services to large corporates, small and medium sized businesses, private equity, and other alternative fund managers.
The founders said CAC Specialty "represents the next wave in the long-term convergence of insurance and capital markets" by combining structured finance solutions with insurance brokerage.
"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," Paul Sparks, executive chairman of the new entity, said.
Sparks has 25 years of experience as the...