Aquiline Capital Partners LLC has agreed to buy Relation Insurance Services from private equity firm Parthenon Capital Partners and Century Equity Partners LLC, said Aquiline and Relations in a joint statement Thursday.
Conditions for the transaction, expected to be completed in the first half of 2019, were not disclosed, the statement said.
Relationship is the 42nd largest broker of US business with $ 96.9 million in 2017 brokerage, according to the latest Business Insurance rankings.
] Relationship has been active in industries, including agricultural activities, education, employment benefits, public activities, transport and non-profit since its founding in 2009, said the statement of New York-based private equity firm Aquiline.
Relationship will retain its corporate headquarters in Walnut Creek, California, under the continued leadership of CEO Joe Tatum, CEO and Chief Operations Officer Ed Page and the rest of the management, t
"Under the direction of Joe Tatum and Ed Page Relation Insurance Services established itself as a highly respected brokerage with significant opportunities for continued organic and acquisition-based growth, ”says Jeff Greenberg, Chairman and CEO of Aquiline. "We look forward to supporting Joe, Ed and the Relation team during this next expansion phase."
"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 ranges, improving customer service and expanding our footprint nationwide," said Mr. Page in the statement.