Protecdiv, the first tier-one minority-led insurance and reinsurance broker in the U.S., has partnered with U.S. national independent broker Cobbs Allen to better service the complex needs of corporate and public entity clients.
The partnership broadens the footprint of both brokers in the auto, financial, energy, construction, public entity, and reinsurance markets.
Cobbs Allen specializes in commercial insurance, employee benefits, personal insurance and alternative risk financing and is ranked in the top 50 privately held firms in the country. In August 2019, Cobbs Allen launched and took a minority stake in the newly created national insurance broker CAC Specialty. CAC Specialty is a specialist broker that brings insurance brokerage and structured solutions to its public, private and financial sponsor clients across the U.S.. Cobbs Allen and CAC Specialty have a combined 15 offices across the country, stretching from coast to coast.
Protecdiv launched in January 2020 to provide speciality insurance, reinsurance and mortgage solutions to Fortune 2000 and public entity clients. Protecdiv created the first U.S. minority-owned insurance and reinsurance brokerage after identifying a drive in the U.S. by larger enterprises to have greater diversity among their supplier base.
Protecdiv’s strategic partnership with Cobbs Allen [and CAC specialty] will provide a joint proposition to clients with businesses in the auto, financial, energy, construction, public entity, and reinsurance sectors.
“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.”
The two firms will collaborate, creating unique efficiencies and expanded footprints for each company.
“Cobbs Allen has the foresight to invest in this type of partnership,” said Kael Coleman, Founder and Chief Executive Officer of Protecdiv. “Rather than just fulfilling a request-for-proposal for a client that wants greater diversity amongst its supplier bases, this strategic partnership gives the opportunity for us to provide truly diverse perspectives.”
“As a technology-efficient broker, we are impressed with Cobbs Allen and CAC Specialty’s strong focus on innovation, data and technology,” added Coleman. “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.”