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TPG-backed Third Wave names Paul Vredenburg CEO in broker shift
Vredenburg previously built AssuredPartners through its acquisition pipeline, and the appointment arrives as US agency and brokerage deal volume has slowed to the lowest first-half pace since 2016.
Third Wave Insurance has named Paul Vredenburg chief executive, moving founder Brian Bair into a president role while Bair remains closely involved in day-to-day operations, according to Insurance Business.
Vredenburg joined AssuredPartners at its founding in 2011 and spent more than a decade there, ultimately serving as President and Chief Operating Officer after earlier roles including Chief Acquisitions Officer, a position focused on keeping the acquisition pipeline moving.
Insurance Business reports that Vredenburg departed AssuredPartners in November 2024, ahead of the firm’s sale to Arthur J. Gallagher for $13.45 billion, which closed in the first quarter of 2025. That transaction was described as the largest US broker sale to a strategic acquirer on record.
Third Wave was launched in January 2026 by TPG’s growth-equity arm with Palmer & Cay, a Southeastern brokerage, as its flagship, and the publication says the plan is to scale through organic growth and acquisitions. It also points to slower M&A conditions, noting total US and Canada insurance agency and brokerage deal volume fell to 292 transactions in the first half of 2026, about 15% lower than a year earlier, the weakest first-half since 2016.