Specialty insurer JenCap Holdings LLC (JCH) has announced plans to acquire privately-held managing general agency (MGA) and broker, Genesee General.
Financial terms for the transaction, which is expected to close this month, were not disclosed.
John Jennings, President and Chief Executive Officer (CEO) of JCH, said; “Genesee President Roger Ware has created a leading organization within our industry and we expect it to become a strategic part for our organization as we build a best-in-class distribution platform. Genesee and JenCap share a commitment to product development and superb client service.”
Georgia based Genesee General was founded in 1982 and has been led by Roger Ware since 1998.
Ware, commented on the transaction; “We wanted a partner who felt the same way about our commitment to clients, employees and carriers and we realized early on that JenCap was the right fit. We are very enthusiastic about the JenCap partnership.”
JCH was formed by global alternative asset manager The Carlyle Group and JCH management, with the aim of consolidating specialty insurance distribution businesses, including managing general agents, program managers and transactional wholesale brokers.
The acquisition of Genesee General is the seventh transaction by JCH since its 2016 founding.