Third Wave Insurance has announced a significant expansion of its retail brokerage platform through definitive agreements to acquire five insurance and advisory firms, broadening its capabilities in employee benefits, commercial property and casualty insurance, retirement planning, wealth advisory, and healthcare administration. The transactions mark another milestone in the company’s growth strategy following its launch earlier this year with backing from global investment firm TPG.
The acquisitions include Massad Olinde, The Cutrer Group, Fisher Brown Bottrell Insurance, The Stonewood Insurance Group, and The Benefit Center. Together, the agencies bring decades of industry experience, established client relationships, and specialized expertise serving middle-market businesses and individuals.
By bringing these organizations together, Third Wave significantly expands both its geographic footprint and its service offerings. In addition to strengthening its commercial property and casualty capabilities, the company gains expertise in employee benefits consulting, self-funded healthcare administration, retirement planning, and wealth management, allowing it to provide a broader range of solutions through a single platform.
Third Wave was created to partner with successful independent agencies while preserving the local relationships and entrepreneurial culture that have contributed to their success. Rather than replacing the identities that clients know and trust, the company focuses on providing agencies with additional operational resources, technology, and strategic support while allowing them to continue delivering personalized service in their local markets.
According to Third Wave Chief Executive Officer Will Sherman, the newly acquired firms share a commitment to client service and have earned strong reputations within their respective markets. He noted that the acquisitions not only expand the company’s presence but also enhance the breadth of services available to middle-market clients.
TPG, the global alternative asset management firm supporting Third Wave, views the expansion as another step in building a differentiated insurance brokerage platform. BJ Loessberg, Business Unit Partner at TPG Growth, said the acquisitions represent meaningful progress in the company’s development while strengthening its ability to serve clients with specialized expertise across multiple insurance and advisory disciplines.
The announcement reflects a broader trend within the insurance brokerage industry, where firms continue to pursue strategic acquisitions that add specialized capabilities alongside geographic growth. Increasingly, brokerages are seeking partners with expertise beyond traditional insurance products, including employee benefits, retirement services, and wealth advisory, enabling them to provide more comprehensive solutions to business clients.
Third Wave launched in 2026 following TPG’s investment in Palmer & Cay, which serves as the company’s flagship retail brokerage platform. Since then, the organization has pursued a strategy of partnering with high-performing agencies that complement its long-term vision of building a client-focused brokerage with deep local expertise supported by national resources.
Once completed, the five acquisitions will further strengthen Third Wave’s ability to serve commercial and individual clients through an expanded network of experienced professionals. By combining regional market knowledge with broader operational resources and specialized advisory services, the company continues to position itself for long-term growth while preserving the client-first culture that has defined each of its newest partner agencies.
Information for this article was provided by Third Wave Insurance. Views and claims expressed in this article are those of the source company and do not necessarily reflect the views of AgencyEquity.com. This article may have been edited with the help of AI.
