Philadelphia-based minority-owned brokerage firm Protecdiv has entered into a strategic partnership with Cobbs Allen to serve corporate and public entity businesses.
The partnership is expected to widen the footprint of both brokers in various markets such as auto, financial, energy, construction, public entity, and reinsurance.
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According to Business Insurance’s latest ranking, Cobbs Allen is the 91st-largest broker in the US with around $33m in brokerage revenue. The company launched specialist broker CAC Specialty last year.
It specialises in commercial insurance, employee benefits, personal insurance, and alternative risk financing.
Cobbs Allen and CAC Specialty president Bruce Denson Jr. said: “Cobbs Allen and Protecdiv are complementary businesses.
“Our strategic visions and expertise are aligned, which is an important factor when we consider strategic partnerships.”
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By GlobalDataCommenting on the development, Protecdiv founder and CEO Kael Coleman said: “Backed by strong carrier support for this joint initiative, Cobbs Allen and Protecdiv can offer a holistic solution with the necessary and required infrastructure and expertise to work with Fortune 2000 companies placing industrial-scale commercial insurance and reinsurance contracts.”
Launched in January this year, Protecdiv offers speciality insurance, reinsurance and mortgage solutions to Fortune 2000 and public entity clients.
Through the newly formed partnership, both companies will look to create efficiencies and expanded presence.
