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Frenkel & Co. said Wednesday it has been acquired by rival brokerage EPIC Insurance Brokers & Consultants.
The terms and structure of the deal were not disclosed but New York-based Frenkel will operate as Frenkel & Company – a division of EPIC, according to the statement issued on the transaction.
Private equity backed EPIC, a San Francisco-based unit of Edgewood Partners Holdings L.L.C., reported $258.3 million in brokerage revenues in 2016, and ranked No. 17 among brokers of U.S. business, according to Business Insurance’s latest ranking.
Frenkel, which ranked No. 48, reported $76.5 million in brokerage revenues. About 50% of its business is derived from commercial retail business and about 30% from employee benefits business.
John F. Kelly, president and CEO of Frenkel, said in the statement the deal will permit the brokerage to “deliver an even broader and deeper set of capabilities.”
Edgewood Partners Insurance Center on Thursday said Timothy Ward has joined the broker's risk solutions practice in Stamford, Connecticut, as principal and casualty practice leader.