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CORRECTION: An earlier version of this story, based on EPIC’s statement announcing the deal, said that the whole of The Capacity Group of Cos. was merging with EPIC. EPIC later clarified that the deal only included Capacity’s retail operations.
EPIC Insurance Brokers & Consultants’ purchase of The Capacity Group of Cos. retail business, announced Thursday, will add a significant book of business from the Northeast U.S. to the San Francisco-based brokerage, the two companies said.
EPIC was ranked 20th in Business Insurance’s most recent ranking of the largest brokers of U.S. business, while Mahwah, New Jersey-based Capacity was ranked 39th.
Capacity had brokerage revenue of $110 million in 2015, the latest year for which figures are available, according to Business Insurance research. Its business is 47.6% wholesale, 43.8% retail brokerage, 5.6% employee benefits and 2.7% personal lines. The wholesale business will remain with the Capacity partners, an EPIC spokesman said in an email.
EPIC reported brokerage revenues of $196 million in 2015.
The addition of Capacity Group will expand EPIC’s capabilities, the two companies said in a statement, adding more than 280 staff in an additional 15 locations and establishing a strong client base in the U.S. Northeast.
“The Capacity Group, under the leadership of their executive team alongside their impressive team of owner-operators, will add significant value to our clients across the country and create further opportunities for our employees’ long-term growth and career success,” EPIC CEO John Hahn said in the statement.
Capacity was founded in 1990 and operates multiple brands from 15 locations across the country. EPIC was founded in 2007.
San Francisco-based insurance broker and consultant Edgewood Partners Insurance Center has acquired employee benefits consulting firm Ascende Inc., expanding the broker's footprint in the Southwest.