Former JLT Specialty USA chief Rice to lead newly-launched Cobbs Allen unit CAC Specialty

Specialty insurance brokerage and investment banking business  CAC Specialty, a part of US risk management and insurance brokerage Cobbs Allen, has hired JLT's Michael Rice II as its chief executive officer (CEO).

Rice has more than 25 years of experience in the brokerage industry. Most recently, he served as the founding CEO and executive chairman of JLT Specialty USA. Previously, he spent more than 20 years at Aon serving in various leadership capacities.

Rice will lead CAC’s team of experienced executives including Bruce Denson Jr., president; David Payne, chief revenue officer; and Jack Leventhal, senior managing director and head of investment banking.

The newly formed company aims to bring bespoke insurance solutions to public and private companies and private equity sponsors. Its platform will combine the capabilities of an investment bank and an insurance broker to offer creative risk-transfer solutions.

“We are delighted that Mike has decided to join CAC Specialty as our Chief Executive Officer,” said Paul Sparks, executive chairman of CAC Specialty. “His unmatched talent, industry experience, and institutional relationships will greatly enhance our growing market presence. Mike’s appointment is a demonstration of our continued, unwavering commitment to build a best-in-class, game-changing industry platform.”

Rice said: “I’m honored to be joining CAC Specialty as its CEO. I am grateful to the Board of Directors for their trust in me and for the vision that built this innovative and integrated insurance brokerage and investment banking platform. CAC has assembled an incredibly talented group of insurance and investment banking specialists, all of whom are focused on challenging the status quo for the benefit of our clients and our employees. Our foundation is strong, and I could not be more excited about our future.”

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