Palmer & Cay
Palmer & Cay is a 150+ year-old, privately held insurance and employee benefits brokerage serving middle-market to large corporate clients across the Southeastern U.S. via four service lines: Property & Casualty, Employee Benefits, Private Equity transactional risk, and Specialty Programs, operating as the flagship of TPG Growth-backed Third Wave Insurance.
- Company typePrivate
- Founded1868
- HeadquartersAtlanta, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Palmer & Cay does
Palmer & Cay is a privately held, employee-owned insurance and employee benefits brokerage founded in 1868 in Savannah, Georgia and now headquartered in Atlanta (with additional offices in Savannah, Charlotte, and Charleston). The firm operates four service lines: Property & Casualty brokerage, Employee Benefits advisory, Private Equity/M&A transactional risk consulting, and Specialty Programs including dedicated mandates for Girl Scouts of the USA councils, university student health insurance programs, and a hotel insurance program. Its primary customer base is middle-market to large corporate clients across industries such as construction, healthcare, manufacturing, hospitality, and education, complemented by long-tenured specialty program relationships with non-profits and associations.
The firm earns revenue through standard retail brokerage commissions on placed insurance premiums and advisory/consulting fees for risk assessment, M&A due diligence, compliance consulting, and benefits plan administration. Distribution is consultative, via direct client relationships serviced by technical specialists across the four offices. Palmer & Cay is led by fifth-generation Cay family members Jack Cay (CEO) and John Cay (Chairman), supported by a broader leadership team with senior designations including CPCU and ARM credentials.
In January–February 2026, Palmer & Cay was acquired by Third Wave Insurance, a newly formed retail insurance brokerage platform funded by TPG Growth (the middle-market and growth equity arm of private equity firm TPG). Palmer & Cay serves as Third Wave's flagship retail business and continues to operate under its own brand with existing leadership in place, while the platform pursues a stated strategy of organic growth plus acquisitions to consolidate the retail insurance brokerage market.
Palmer & Cay firmographics
Firmographics- Name
- Palmer & Cay
- Legal name
- Palmer & Cay
- Website
- https://palmerandcay.com
- Company type
- Private
- Founded year
- 1868
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Palmer & Cay is a 150+ year-old, privately held insurance and employee benefits brokerage serving middle-market to large corporate clients across the Southeastern U.S. via four service lines: Property & Casualty, Employee Benefits, Private Equity transactional risk, and Specialty Programs, operating as the flagship of TPG Growth-backed Third Wave Insurance.
- Ownership category
- akta.pro rank
Palmer & Cay industry classification
Industry- Product category
- Commercial Insurance Brokerage
- NAICS
- Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Commercial Lines Insurance Brokerage (FSAEADAB)
Keywords
Where Palmer & Cay is headquartered
LocationHeadquarters
- HQ city
- Atlanta
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Palmer & Cay business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Insurance Brokerage Commissions: Palmer & Cay earns commissions from insurance carriers for placing insurance coverage on behalf of clients. As a retail insurance broker, the firm receives contingency income and direct commissions from carrier relationships for property & casualty, employee benefits, and specialty insurance placements.
- Consulting and Advisory Fees: The firm generates fees from consulting services including risk assessment, due diligence for M&A transactions, compliance consulting, and strategic planning for employee benefits programs. These include fees for financial plan management, compliance audits, and analytics services.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Palmer & Cay product offering
Product offeringCore offering
Palmer & Cay is an independent insurance and employee benefits brokerage firm that places property & casualty, employee benefits, executive liability, surety, private equity transactional, and specialty insurance coverages for middle-market to large corporate clients. The firm acts as an intermediary between clients and insurance carriers, providing consulting, risk assessment, claims advisory, and ongoing account management through dedicated service teams. It operates four interconnected service lines: Property & Casualty, Employee Benefits, Private Equity, and Specialty Programs.
Product overview
Palmer & Cay is an independent insurance and employee benefits brokerage firm operating as a single unified service offering rather than a modular platform. The company provides four interconnected service lines: Property & Casualty insurance brokerage, Employee Benefits advisory, Private Equity transaction services, and Specialty Programs (Girl Scouts, University Health, and Hotel sectors). The recent Third Wave Insurance platform, backed by TPG Growth, positions Palmer & Cay as the flagship retail business within a larger consolidation strategy, combining their 150+ years of expertise with technology-enabled growth and acquisition capabilities.
Differentiator
Problem solved
Functional benefit
Products and services
- Property & Casualty
Companies that use Palmer & Cay
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles4 records
Palmer & Cay technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Palmer & Cay partnerships and signals
Strategic signalScale indicators3 records
Recent moves4 records
Expansion highlights5 records
Palmer & Cay competitors and assessment
Company assessmentBroad incumbents
- Marsh McLennan: Global leader in insurance brokerage and risk advisory. While vastly larger and more diversified than Palmer & Cay, both compete for middle-market to large commercial P&C and employee benefits placements across similar industries.
- Aon: Global insurance and reinsurance brokerage serving large commercial clients with risk management, P&C, and employee benefits solutions. Directly comparable to Palmer & Cay's commercial lines brokerage and benefits advisory offerings, though at much greater scale.
- Willis Towers Watson (WTW): Global advisory, insurance brokerage, and benefits consulting firm. Comparable in providing P&C brokerage alongside employee benefits and M&A advisory services to corporate clients, including the same middle-market and large corporate segments Palmer & Cay serves.
Direct peers
- Lockton Companies: Largest privately held insurance brokerage in the world, with a producer-focused, employee-centric culture. Most directly comparable peer to Palmer & Cay given shared private ownership model, mid-market/large commercial focus, and emphasis on specialty programs.
- AssuredPartners: PE-backed insurance brokerage roll-up platform (backed by GTCR, formerly by Investcorp). Competes directly in middle-market commercial P&C and benefits brokerage with the same consolidator strategy that Third Wave Insurance (Palmer & Cay's parent) is now pursuing.
- USI Insurance Services: PE-backed insurance brokerage (backed by KKR and CDPQ) operating a national roll-up model. Comparable to Palmer & Cay in middle-market commercial brokerage focus and in being a flagship-style platform investment for a major financial sponsor.
- Risk Strategies: National insurance brokerage built through PE-backed acquisitions (KKR, Kelso). Provides middle-market and specialty commercial brokerage, employee benefits, and private equity/M&A advisory — closely paralleling Palmer & Cay's service mix and consolidator growth model.
- Hub International: North American insurance brokerage serving middle-market commercial clients across P&C, benefits, and personal lines. PE-backed (Hellman & Friedman) and built largely through acquisitions, making it a structural peer to Palmer & Cay's emerging roll-up strategy under Third Wave.
- Brown & Riding Insurance Services: Specialty wholesale insurance brokerage with strong expertise in niche programs and complex placements. Comparable to Palmer & Cay in its specialization on hard-to-place risks and specialty program administration.
- The Hilb Group: Middle-market insurance brokerage built through PE-backed acquisitions (ABRY Partners, later Onex). Closely comparable to Palmer & Cay in mid-market commercial and benefits focus, regional density, and consolidator-driven growth model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Palmer & Cay social profiles
Digital presencePalmer & Cay financial estimates
Financial estimateRevenue estimate
Valuation estimate
Palmer & Cay leadership team
Management profileNumber of profiles
Profiles18 records
Palmer & Cay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Palmer & Cay M&A and investment
M&A and investmentM&A6 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Palmer & Cay
What does Palmer & Cay do?
Palmer & Cay is an independent insurance and employee benefits brokerage firm that places property & casualty, employee benefits, executive liability, surety, private equity transactional, and specialty insurance coverages for middle-market to large corporate clients. The firm acts as an intermediary between clients and insurance carriers, providing consulting, risk assessment, claims advisory, and ongoing account management through dedicated service teams. It operates four interconnected service lines: Property & Casualty, Employee Benefits, Private Equity, and Specialty Programs.
Is Palmer & Cay a public or private company?
Palmer & Cay is a private company. It is classified as private equity controlled and is currently operating.
When was Palmer & Cay founded?
Palmer & Cay was founded in 1868. It employs 11 to 50 people.
Where is Palmer & Cay based?
Palmer & Cay is headquartered in Atlanta, United States, in the North America region.
How does Palmer & Cay make money?
Two revenue lines are on record. Insurance Brokerage Commissions are the primary driver. The others are consulting and Advisory Fees.
Who are Palmer & Cay's main competitors?
Broad incumbents on record are Marsh McLennan, Aon and Willis Towers Watson (WTW). Direct peers are Lockton Companies, AssuredPartners, USI Insurance Services, Risk Strategies, Hub International, Brown & Riding Insurance Services and The Hilb Group.
Does Palmer & Cay have an API?
No public API is recorded for Palmer & Cay.
What industry is Palmer & Cay in?
Palmer & Cay's product category is Commercial Insurance Brokerage. Its primary akta.pro industry code is FSAEADAB, Commercial Lines Insurance Brokerage. Its NAICS code is 524210 and its SIC code is 6411.