New York-based specialty insurer JenCap has agreed to purchase Risk Innovations, a Georgia-based specialty wholesale insurance broker, for an undisclosed sum.
Set up in 2002, the privately-held Risk Innovations is headed by Bruce Peddle. Apart from its base in Atlanta, the business also has a branch in Kansas City, Missouri.
“By utilising established JenCap divisions, carriers and agency partners, Risk Innovations will further expand our programmes, markets and capabilities nationwide,” Peddle noted.
The latest deal marks JenCap’s eighth acquisition since its inception and strengthens its presence in Georgia. JenCap said that the purchase makes it one of the largest wholesale brokers in the US.
Earlier this year, the firm announced the acquisition of Genesee General, a Georgia-based managing general agency, programme administrator and wholesale insurance broker.
JenCap president and CEO John Jennings said: “Risk Innovations has specialised in worker’s compensation since its inception and was a strategic target for JenCap.”
“Bruce Peddle and his team have built one of the few highly successful wholesale distribution platforms for worker’s compensation and we are excited to help them expand that operation within JenCap.”
JenCap is a premier insurance distribution platform, including managing general agencies, specialty programme underwriters as well as transactional wholesale brokers.