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Aquiline Capital Partners LLC has agreed to buy Relation Insurance Services from private equity firms Parthenon Capital Partners and Century Equity Partners LLC, Aquiline and Relation said in a joint statement Thursday.
Terms of the transaction, expected to be completed in the first half of 2019, were not disclosed, the statement said.
Relation is the 42nd largest broker of U.S. business with $96.9 million in 2017 brokerage revenue, according to the latest Business Insurance rankings.
Relation has been serving industries including agribusiness, education, employee benefits, public entity, transportation and nonprofit since its founding in 2009, the statement from New York-based private equity firm Aquiline said.
Relation will maintain its corporate headquarters in Walnut Creek, California, under the continued leadership of CEO Joe Tatum, President and Chief Operating Officer Ed Page and the rest of the management team, the statement added.
“Under the leadership of Joe Tatum and Ed Page, Relation Insurance Services has established itself as a highly respected brokerage with significant opportunities for continued organic and acquisition-based growth,” said Jeff Greenberg, chairman and CEO of Aquiline. “We look forward to supporting Joe, Ed and the Relation team during this next phase of expansion.”
“Aquiline will provide us with the strategic, financial and operational capabilities needed to scale our business by continuing to develop our infrastructure, creating innovative product offerings, enhancing customer service and expanding our footprint nationwide,” Mr. Page said in the statement.
NEW YORKNew York-based private equity firm Aquiline Capital Partners L.L.C. is making another investment in the insurance industry, funding a new Lloyd's of London underwriting agency with some industry veterans at the helm.