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New York-based specialty insurer holding company JenCap Holdings LLC said Tuesday it has acquired Rockville Centre, New York-based Aran Insurance Services Group, a privately held specialty program administrator.
Terms of the transaction were not disclosed, and a spokesman could not immediately be reached for comment.
JenCap’s specialty insurance and program management businesses include managing general agencies, specialty program underwriters, transactional wholesale brokers, and captive managers, according to its website.
Aran’s acquisition is the ninth transaction since JenCap’s 2016 founding, according to JenCap’s statement.
Earlier JenCap deals include the acquisition of Manhasset, New York-based NIF Group, a managing general agency, which was announced in December 2016; and its agreement to acquire Sterling Heights, Michigan-based Specialty Risk Facilities Inc., a managing general agency/contract binding authority and wholesale insurance brokerage, in July 2017.
Consolidation has been a major factor in the excess and surplus lines market, and mergers and acquisitions are expected to continue, experts say.