TPG Launches New Retail Insurance Brokerage Platform Third Wave Insurance

Third Wave Insurance partners with Palmer & Cay to drive client success through technology and innovation

Jan. 29, 2026 at 8:31am by Ben Kaplan

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TPG, a leading global alternative asset management firm, has announced the launch of Third Wave Insurance, a newly formed retail insurance brokerage platform. Third Wave Insurance is led by Founder and CEO Brian Bair and has partnered with Palmer & Cay, a leading independent insurance and employee benefits brokerage, to serve as its flagship retail business.

Why it matters

The launch of Third Wave Insurance represents TPG's strategic investment in the insurance industry, aiming to leverage technology and innovation to drive client success. The partnership with the established Palmer & Cay firm provides Third Wave Insurance with a strong foundation and an opportunity to scale organically and through strategic growth.

The details

Third Wave Insurance is a technology-enabled insurance brokerage platform that aims to redefine the industry. The company is led by Brian Bair, a seasoned leader in the insurance industry. Through its inaugural partnership with Palmer & Cay, Third Wave Insurance will leverage the latter's client-focused culture, industry expertise, and entrepreneurial spirit to bolster its offerings and drive growth.

  • TPG announced the launch of Third Wave Insurance on January 29, 2026.

The players

TPG

A leading global alternative asset management firm founded in San Francisco in 1992, with $286 billion in assets under management.

Third Wave Insurance

A newly formed retail insurance brokerage platform launched by TPG, aiming to drive client success through technology and innovation.

Brian Bair

The Founder and CEO of Third Wave Insurance, a seasoned leader in the insurance industry.

Palmer & Cay

A leading independent insurance and employee benefits brokerage with offices across the Southeastern U.S., which will serve as Third Wave Insurance's flagship retail business.

Jack Cay

The CEO of Palmer & Cay, the fifth generation of the Cay family to lead the firm.

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What they’re saying

“Together with Brian and Jack, we have established a shared vision for a technology-enabled, highly professionalized insurance brokerage platform.”

— BJ Loessberg, Business Unit Partner at TPG Growth (marketscreener.com)

“Our team brings a proven track record of navigating the ongoing evolution and waves of transformation that have defined the insurance industry over the past three decades.”

— Brian Bair, Founder and CEO of Third Wave Insurance (marketscreener.com)

“We are extremely proud of what we have built to date. Our firm is known for always putting clients first, never wavering against a challenge, and for our integrity.”

— Jack Cay, CEO of Palmer & Cay (marketscreener.com)

What’s next

The partnership between Third Wave Insurance and Palmer & Cay is expected to enable the firms to continue investing in their people, resources, and technology to position their clients for further success.

The takeaway

The launch of Third Wave Insurance and its partnership with the established Palmer & Cay firm represents TPG's strategic move to leverage technology and innovation to redefine the insurance brokerage industry and drive client success.