Three US brokers are joining forces to serve the needs of corporate and public entity clients. Insurance and reinsurance broker Protecdiv has announced its forming of a strategic partnership with national independent broker Cobbs Allen, which launched and took a minority stake in specialist broker CAC Specialty in August 2019.
This move will help to create efficiencies and broaden the footprint of the brokerage firms in the auto, financial, energy, construction, public entity, and reinsurance markets, according to a press release. Cobbs Allen and CAC Specialty have 15 offices across the country, with the former specializing in commercial insurance, employee benefits, personal insurance, and alternative risk financing.
Meanwhile, Protecdiv was founded in January 2020 and provides speciality insurance, reinsurance, and mortgage solutions to Fortune 2000 and public entity clients. Protecdiv is also the first minority-owned insurance and reinsurance brokerage in the US.
“Cobbs Allen and Protecdiv are complementary businesses,” said Bruce Denson Jr., president of Cobbs Allen and CAC Specialty. “Our strategic visions and expertise are aligned, which is an important factor when we consider strategic partnerships.”
Kael Coleman, founder and Protecdiv CEO, added: “Cobbs Allen has the foresight to invest in this type of partnership. Rather than just fulfilling a request-for-proposal for a client that wants greater diversity among its supplier bases, this strategic partnership gives the opportunity for us to provide truly diverse perspectives.”
He added that the tech-focused Protecdiv was impressed with Cobbs Allen and CAC Specialty’s similar focus on innovation, data and technology.
“Backed by strong carrier support for this joint initiative, Cobbs Allen and Protecdiv can offer a holistic solution with all the necessary and required infrastructure and expertise to work with Fortune 2000 companies placing industrial scale commercial insurance and reinsurance contracts,” Coleman continued.
