Specialty insurance business JenCap Holdings (JCH), has agreed to acquire US-based insurance broker Risk Innovations for an undisclosed amount.
Based in Atlanta, Georgia, Risk Innovations has specialized in worker’s compensation since its inception in 2002.
Bruce Peddle led the company since 2002. Risk Innovations is a multi-lines wholesaler that serves to the needs of independent insurance agencies.
The company offers customized insurance solutions for agency partners and it specializes in workers’ compensation and personal lines insurance.
Risk Innovations president Bruce Peddle said: “We are very excited about the opportunities that the strategic partnership with JenCap will provide. By utilizing established JenCap divisions, carriers and agency partners, Risk Innovations will further expand our programs, markets and capabilities nationwide.”
JenCap was formed in March 2016 by global alternative asset manager The Carlyle Group and JCH management to consolidate specialty insurance distribution businesses.
JenCap’s portfolio includes managing general agents, program managers and transactional wholesale brokers.
This is the eighth acquisition for JenCap since its founding and it positions the company among the largest wholesale brokers in the US.
JCH president and CEO John Jennings said: “Bruce Peddle and his team have built one of the few highly successful wholesale distribution platforms for worker’s compensation and we are excited to help them expand that operation within JenCap.”
In January this year, JenCap acquired Genesee General, an Alpharetta, Georgia-based general agency, program administrator and a wholesale insurance broker.
In July 2017, JenCap had also acquired Special Risks Facilities, a Sterling Heights, Michigan-based MGA/contract binding authority and wholesale insurance brokerage firm, which was founded in 1971 and has been led by Jack Klebba and Randy Kaszeta.
JenCap is a national specialty insurance distribution platform that includes program management businesses, managing general agencies, specialty program underwriters and transactional wholesale brokers.