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CAC Specialty, part of Birmingham, Alabama-based Cobbs Allen, hired Jennifer Schaeffer from Marsh JLT Specialty to fill a newly created senior vice president position, Cobbs Allen said in a statement Friday.
Based in San Francisco, Ms. Schaeffer will focus on business development and client advisory for technology, fintech, financial services, digital media and private equity clients, the statement said. She reports to David Payne, chief revenue officer.
At Marsh JLT Specialty, Ms. Schaeffer was senior vice president, the statement said.
Cobbs Allen recently opened a financial services division and has been adding executives.
The broker last week also announced the formation of CAC Specialty, a specialty insurance brokerage and investment banking platform.
Global commercial insurance prices rose by 5.8% in the second quarter of 2019, almost twice the 3% increase in the first quarter, as coverage for property and financial lines neared double-digit price hikes, according to a report released Wednesday by Marsh LLC.