Carlyle-backed JenCap to acquire specialty programme administrator Aran Insurance
US-based specialty insurer JenCap Holdings is to acquire Aran Insurance Services Group, a specialty programme administrator with offices in Arizona, Colorado, Massachusetts and New York.
JenCap was formed in March 2016 by The Carlyle Group and JenCap management to consolidate specialty insurance distribution businesses, including managing general agents, programme managers and transactional wholesale brokers.
The acquisition of Aran is the ninth transaction by JenCap.
"The Aran team has built a multi-faceted company with a wide variety of property and casualty programs for specialty markets as well as a strong presence in the accident and health market," said John Jennings, president and chief executive officer of JenCap. "We are excited to help in the expansion of Aran and its subsidiary companies within JenCap."
Aran co-founder and chairman Tim Kenny said: "Aran has a long-standing commitment to our clients, carriers, and team members, and we specifically sought out a strategic partner that shared this focus. JenCap fulfills this goal, and we are very excited about our partnership."
John LaCava, Aran co-founder, president and CEO, added: "Aran's strategic partnership with JenCap creates a number of opportunities for growth and development. We look forward to expanding our programs, markets, and capabilities through JenCap's established network of carriers and agency partners."
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Hamilton unveils management changes as it wraps up Liberty deal
Drone insurtech Betterview strikes commercial deal with P&C insurer
Blockchain initiative B3i adds Chinese insurer as it gears up for expansion
Everest Insurance hires ex-JLT to lead Bermuda operation
Feature: 10 ways insurers are using insurtech to drive new business
