CAC Specialty announced in November 2019 a strategic partnership with Fortress Investment Group (FIG), an investment private equity firm in New York. Fortress placed CAC in a position to provide capital to their corporate clients and sponsors, increasing the value of its investment banking and insurance brokerage businesses. The insurance firm offers services to private equity sponsors and private & public companies in the United States.
Cobbs Allen, the owner of CAC Specialty previously formed a relationship with Fortress Investment Group for expansion. The company expanded to Chicago, New York, San Francisco, Denver, and Atlanta. Cobbs Allen is an independent risk management and investment company headquartered in Birmingham, Alabama. CAC is using the financed capital to support future acquisitions, growth, and recapitalization. Fortress financed the formation for Cobbs Allen to finance the formation of the company’s platform.
Fortress Investment Group is a subsidiary of SoftBank Corp., an investment and banking company in Tokyo, Japan. Fortress serves over 1,000 private investors and institutional clients, including Cobbs Allen. Masayoshi Son, the Founder and CEO of SoftBank purchased the private equity investment firm in 2017 for $3.3 billion. SoftBank, Fortress, and Cobbs Allen have office locations in San Francisco and NY. Peter Briger heads the San Francisco office, and Randal Nardone and Wesley Edens run the office in NYC.
The structure of Fortress Investment Group includes three divisions; credit, private equity, and permanent capital vehicles. Mr. Son is fulfilling his promise of investing $50 billion in the United States and creating 50,000 jobs. His plans for Fortress is to speed up the transformation for long-term growth. FIG is providing Cobbs Allen with the same opportunity of growth in the US.
Wesley Edens and Randal Nardone found Fortress Investment in 1998 and Peter Briger joined the leadership team in 2002. Today, the firm has over $40 billion under management and continues to attract national and global clients. SoftBank came out a winner in the acquisition of FIG by gaining a bitcoin investment at no cost. At the time of closing, the investment had zero value. The mission of Son is to introduce the private equity firm to emerging new technologies.