Third Wave Insurance Appoints Paul Casey as CAO to Lead M&A Expansion

Third Wave Insurance has appointed Paul Casey as Chief Acquisition Officer to lead its aggressive M&A strategy. For fintech and insurtech professionals, this move signals a shift toward consolidation in the retail brokerage space, as the TPG-backed firm leverages new technology and capital to integrate diverse insurance and advisory services across the Southeast.

What was announced

Third Wave Insurance has named Paul Casey as its Chief Acquisition Officer, a role designed to spearhead the firm’s strategy of sourcing, structuring, and integrating new agency partners. Reporting directly to Chief Executive Officer Paul Vredenburg, Casey arrives with a background in high-volume corporate development, having previously served as Chief Operating Officer and Head of Acquisitions and Integration at AssuredPartners International. His appointment comes as the firm enters a critical phase of its operational lifecycle, following its launch in January 2026.

The platform, which is backed by the global asset management firm TPG, began its journey with the integration of Palmer & Cay as its flagship retail business. Since then, the company has moved to solidify its footprint in the Southeast United States, recently announcing agreements to acquire five insurance and advisory firms located across Louisiana, Mississippi, and Florida. These acquisitions are intended to broaden the platform's service offerings, which currently include commercial property and casualty insurance, employee benefits, and self-funded healthcare administration. Furthermore, the firm is integrating retirement planning and wealth advisory services into its portfolio. This expansion is being supported by the deployment of newly developed technology capabilities, which the company intends to use to streamline the integration of its growing list of agency partners.

"I am thrilled to have Paul join Third Wave in this role," said Paul Vredenburg, Third Wave Insurance chairman and CEO. "His expertise in building and executing on corporate development initiatives, in addition to sourcing and closing high-quality deals, will differentiate our acquisition growth strategy within the marketplace. I look forward to Paul accelerating our M&A strategic plan."

Paul Vredenburg, Third Wave Insurance chairman and CEO.

The companies involved

Third Wave Insurance operates as a retail insurance brokerage platform with a specific focus on technology-driven growth and regional consolidation. The firm is a portfolio company of TPG, a major global alternative asset management firm that manages a diverse array of investment platforms, including TPG Growth. Third Wave’s market entry was defined by its partnership with Palmer & Cay, a long-standing name in the insurance industry that now serves as the firm’s flagship retail entity.

TPG itself is a heavyweight in the private equity and alternative asset space, frequently engaging in large-scale fintech and insurtech investments. The firm has a reputation for providing the capital necessary for rapid "buy-and-build" strategies, where a central platform acquires smaller, specialized firms to create a comprehensive service provider. By positioning Third Wave at the intersection of traditional brokerage and modern advisory services—such as wealth management and self-funded healthcare—the parent company is attempting to capture a larger share of the middle-market insurance and benefits sector.

What FF News has reported before

FF News has closely followed the trajectory of Third Wave and its primary backer. We recently detailed how Third Wave Insurance Enters Gulf Coast Market with Five Strategic Acquisitions, marking its initial push into the Southeast. Our coverage of TPG’s broader fintech activity includes reports on how Tide Secures Strategic Investment from Leading Global Investor TPG and the firm’s leadership in the Middle East, where HALA Raises $157m in One of the Middle East’s Largest Fintech Series B Rounds, Led by TPG and Sanabil Investments. Additionally, we reported on the massive capital commitments to TPG’s environmental initiatives, noting that ALTÉRRA commits $1.5bln to TPG Rise Climate $10bln next generation private equity funds.

What this means

The appointment of a dedicated Chief Acquisition Officer with a background in large-scale integration suggests the retail insurance market is entering a phase of rapid, capital-intensive consolidation. By combining traditional brokerage with wealth management and self-funded healthcare, Third Wave is challenging specialized incumbents. The reliance on newly developed technology indicates that the competitive edge in M&A is no longer just about the balance sheet, but about the speed and efficiency of post-merger integration. This puts pressure on mid-sized regional firms to either scale quickly or find a platform partner, as the barrier to entry for independent tech-enabled brokerages continues to rise.