Aquiline invests in US-based Wellington Insurance Group

Aquiline Capital Partners, a New York-based private equity firm investing in financial services, has entered into a definitive agreement to become the majority investor in Wellington Insurance Group, a Texas-based risk distribution business specialising in the delivery and administration of residential property insurance.

Principal operating subsidiaries include Wellington Risk Insurance Agency, a managing general agency, Wellington Claim Service, and Wellington Premium Finance.

The transaction is expected to be completed in the first quarter of 2016. No financial terms have yet been disclosed.

Paul Poston, chief executive officer (CEO) of Wellington, said: “We are excited and fortunate to be partnering with Aquiline. Aquiline’s deep industry knowledge, operating expertise and broad network will help further strengthen our current capabilities and allow us to better serve the needs of our carrier and distribution partners and our policyholders.

“They are the ideal partner for Wellington as we embark on this new chapter of business development.”

Jeff Greenberg, CEO of Aquiline, added: “Wellington’s underwriting model provides a clear competitive advantage,” said “Wellington has demonstrated the ability to scale its platform with the right distribution and carrier relationships and is well-positioned for growth through geographic expansion.

“We look forward to partnering with the experienced management team at Wellington.”