JenCap Holdings to Acquire Specialty Insurance Business
- January 16, 2018
- Written by Elaine
ALPHARETTA, GA -- JenCap Holdings LLC (JCH), a specialty insurance business, announced today that it has agreed to acquire privately-held Genesee General, a managing general agency, program administrator and wholesale insurance broker based in Alpharetta, Georgia. The transaction is expected to close in January 2018. Financial terms were not disclosed.
"Genesee President Roger Ware has created a leading organization within our industry and we expect it to become a strategic part for our organization as we build a best-in-class distribution platform," said John F. Jennings, President and Chief Executive Officer of JCH. "Genesee and JenCap share a commitment to product development and superb client service."
Genesee General was founded in 1982 and has been led by Roger Ware since 1998.
JenCap Holdings (JCH) was formed in March 2016 by global alternative asset manager The Carlyle Group and JCH management to consolidate specialty insurance distribution businesses, including managing general agents, program managers and transactional wholesale brokers. The acquisition of Genesee General is the seventh transaction by JCH since its founding, and places the company among the largest wholesale brokers in the U.S.
Roger Ware, President of Genesee, said, "We wanted a partner who felt the same way about our commitment to clients, employees and carriers and we realized early on that JenCap was the right fit. We are very enthusiastic about the JenCap partnership."