CAC eyes growth in flourishing Florida economy

Florida’s burgeoning financial and business ecosystem, which has seen strong growth since the COVID-19 pandemic, is increasingly attractive to wealthy individuals and business—and thus also insurers seeking growth in related lines of business. 

That is according to a new hire at CAC Group, who is looking to bolster the broker’s expansion along the East Coast and in Florida.

Joe Carron, a former Marsh McLennan president, was appointed as executive vice president, business development, in September. He has previously held sales and executive leadership roles at Alliant Insurance Services, serving as president of private client services in the Florida region. Prior to that, he spent 13 years at Marsh McLennan agency, most recently as president, where he led the P&C offices and leadership teams.

Carron will initially focus on serving high net worth individuals, family offices, and private equity firms. He said these segments represent a significant share of the wealth migration to Florida, particularly in regions such as Palm Beach County, which has become a hub for financial growth and high-value asset protection. 

“Florida has become a magnet for individuals and businesses relocating from the Northeast and California, driven by favourable tax policies and an appealing lifestyle,” Carron said.

“Post-pandemic migration amplified this trend, with family offices and private equity firms establishing themselves, particularly in South Florida. This influx is transforming the region into a growing financial and business ecosystem. 

“With institutions such as Palm Beach County’s Business Development Board fostering this growth, we’re seeing a dynamic environment ripe for innovative insurance solutions that cater to the evolving needs of these high-profile clients.”

Florida’s business-friendly regulatory environment, combined with attractive tax incentives, has positioned the state as a top destination for financial firms. “The state government has actively encouraged economic development through these incentives, while also offering a high quality of life,” Carron said. 

“I aim to further establish our private client brand across the state.”

“This dual appeal has drawn top-tier talent and high net worth clients to the state. I’ve had the privilege of guiding many of these individuals and families through the domicile process, ensuring a smooth transition into South Florida. This involves placing complex insurance policies and consulting on real estate and education placements, offering a full suite of concierge-level services to make the move seamless.”

Carron is ambitious to consolidate the opportunity in the next 12 months. “I aim to further establish our private client brand across the state, with a particular focus on Florida’s growing wealth sectors. 

“My goal is to continue advising families and businesses on navigating Florida’s complex insurance market, ensuring they capitalise on the opportunities it presents, whether it’s providing insights on risk management or offering tailored insurance solutions,” he concluded. 

For more news from the American Property Casualty Insurance Association (APCIA) click here.

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