Aquiline Capital Partners LLC, a private equity firm that invests in financial services and technology, has announced that it’s to acquire U.S. independent insurance brokerage Relation Insurance Services from private equity firms Parthenon Capital and Century Equity Partners.
Founded in 2007, Relation Insurance specialises in numerous industries, including agribusiness, education, employee benefits, public entity, transportation and non-profit.
Following the completion of the acquisition, Relation Insurance will keep its corporate headquarters in Walnut Creek, California, under the continued leadership of its Chief Executive Officer (CEO), Joe Tatum and Chief Operating Officer (COO), Ed Page, alongside the rest of the firm’s existing management team.
Chairman and CEO of Aquiline Capital Partners, Jeff Greenberg, said: “Under the leadership of Joe Tatum and Ed Page, Relation Insurance Services has established itself as a highly respected brokerage with significant opportunities for continued organic and acquisition-based growth. We look forward to supporting Joe, Ed and the Relation team during this next phase of expansion.”
Relation Insurance’s Tatum, added: “Our team at Relation Insurance Services has worked hard to build a company with a stellar reputation as one of the country’s best independent insurance brokerages. Our goal is to continue driving strong organic growth alongside strategic acquisitions, sustained by Aquiline’s strong commitment to our mission and value proposition. We are excited to partner with them to further expand our portfolio, increase our geographic reach and continue to build on our customer relationships.”
The deal is expected to close in the first-half of 2019, subject to customary closing conditions, which includes necessary regulatory approval. Terms of the transaction were not disclosed.
Relation Insurance’s Page, said: “This transaction represents a validation of the value we have built at a key moment in the company’s development. Aquiline will provide us with the strategic, financial and operational capabilities needed to scale our business by continuing to develop our infrastructure, creating innovative product offerings, enhancing customer service and expanding our footprint nationwide. We look forward to the endless opportunities that lie ahead.”
While Brian Golson, Managing Partner and Co-CEO of Parthenon, commented: “I would like to thank Joe and Ed, as well as the entire Relation team, for all they have achieved over the past 11 years.
“Management’s commitment to investing in its people, process and product offerings, has cemented Relation’s position as a leading independent insurance brokerage. By providing a unique culture and excellent customer service the business has seen impressive growth. We wish the team all the best for the future and thank them for the long-term partnership.”