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Private equity deal brings EPIC, JenCap under single holding company

Hahn Jennings

Private equity investment firms Oak Hill Capital Partners and The Carlyle Group on Friday said they have formed a holding company that will house retail brokerage EPIC Insurance Brokers & Consultants and wholesaler and managing general agent JenCap Holdings LLC.

The holding company, Galway Insurance Holdings, will be a brokerage and underwriting platform, the companies said in a joint statement.

New York-based Oak Hill acquired San Francisco-based EPIC 2017. EPIC is 15th largest brokers of U.S. business according to the Business Insurance’s most recent ranking with more than $575 million in brokerage revenue.

The Carlyle Group, which is also in New York, acquired a majority stake in JenCap Holdings LLC in 2016. JenCap is the 8th ranked wholesaler with about $80 million in revenue, according to BI’s most recent ranking.

John Hahn, executive chairman of EPIC said in the statement: “We anticipate a significant paradigm shift in the way products are manufactured and distributed in the future, and the Galway structure positions us to respond.”

John Jennings, CEO of JenCap, said the firms will maintain their independent operations “while engaging in a larger insurance investment opportunity.”

Meanwhile, JenCap also said Friday it was acquiring Manasquan, New Jersey-based Quaker Agency Inc., a specialty program administrator and wholesale brokerage with offices in New Jersey, Massachusetts, Florida and North Carolina.

Terms were not disclosed.

Last year, JenCap bought Rockville Centre, New York-based Aran Insurance Services Group, a privately held specialty program administrator, and EPIC bought Prime Risk Partners Inc., another private equity-owned brokerage based in Atlanta, in October.