US-based Cobbs Allen launches new specialty broking unit

US-based independent agency Cobbs Allen has launched a specialty insurance brokerage business with the hiring of senior insurance executives Paul Sparks and Darren Sonderman.

Both the executives come from McGriff Seibels & Williams.

The new venture is focused on providing complex risk solutions for corporate and private equity clients. It will combine structured solutions capabilities with insurance brokerage services to offer more alternatives utilising risk-taking capacity from both the insurance and private capital markets.

The company said that given the current risk environment and evolving insurance market landscape, it is the right time for a sophisticated, value-added new entrant.

“This new venture will be at the forefront of innovation and disruption, and we are thrilled to join Cobbs Allen to build this business together,” said Sparks. “The current insurance brokerage market dynamics make it the ideal time to create a new insurance brokerage platform to once again refocus on client service and innovation.

"The new company will be private, and majority controlled by employees, attracting the best talent in the industry, while at the same time, avoiding short-term pressures associated with being controlled by outside investors.”

Sonderman added: “Cobbs Allen is the right partner to bring innovative traditional and non-traditional solutions to corporate and sponsor clients. There is tremendous opportunity to help our clients realise their goals in the current market and we are excited to leverage experience, technology and deep underwriting relationships to make this happen.”

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