Jencap’s national program manager and regional wholesale broking subsidiary NIF Group is to acquire Pacific Coast E&S Insurance Services (PCES), a deal which the parent said furthers its bid to grow as a specialty insurance distribution platform.
PCES was founded in 1996 and provides MGA facilities and E&S broking services to retail brokers and agents based on the US West Coast and in the Pacific Northwest.
It offers a variety of coverages including personal, commercial, professional liability and contingency.
The company’s Santa Rosa, California headquarters services clients in the Golden State, as well as Nevada and Arizona, while its office in Seattle, Washington acts as the regional office for those clients based in Washington, Oregon and Idaho.
NIF underwrites programs for non-profits, social service agencies, bowling centres and contractors. It also provides access to specialty property casualty coverages such as contractors, environmental, property, management and professional liability.
Based in New York City, the platform also has offices in Montvale, New Jersey; Guilford, Connecticut; Mendon, Massachusetts; Bothell, Washington; and Sacramento, California.
“Our group has significant underwriting backgrounds in both personal and commercial property and casualty products and we are excited to extend our reach through NIF and Jencap,” said Joe Bonilla, director of PCES.
John Jennings (pictured), Jencap’s president and CEO, said the acquisition of PCES “will contribute to our overall growth among the largest specialty insurance distribution platforms in the US”.
The acquisition is the 12th that Jencap has made since being founded. Recently, Jencap’s Wholesale Trading Insurance Services subsidiary agreed to acquire specialty wholesaler Landmark E&S Insurance Brokers in October.
That followed Jencap’s acquisition in June of Quaker Agency, which does business as Quaker Special Risk and Quaker Insurance Agency of Massachusetts.
The new acquisition comes just weeks after private equity firm Harvest Partners took a majority stake in Galway, the operation launched last year to house both US retail broker EPIC and wholesale platform Jencap. The deal brought together the investments of their respective backers Oak Hill Capital and The Carlyle Group.
The recapitalisation of the business will also see both Oak Hill and The Carlyle Group reinvest alongside the respective intermediaries’ management teams and employee shareholders, who will remain significant shareholders.