December 8, 2016
Jencap Holdings LLC, a New York-headquartered consolidator of specialty insurance distribution and program management businesses, has agreed to acquire privately held NIF Group Inc. (NIF), a managed general agency, program administrator and wholesale insurance broker based in Manhasset, New York.
NIF was formed by Michael Orlando in 1976 and has grown to more than $185 million in annual written premiums.
Jencap Holdings (JCH) was formed in March 2016 by 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 NIF is the fourth transaction by JCH since March and places the company among the largest wholesale brokers in the U.S.
“NIF is exactly the type of entity we were looking to acquire when we started Jencap and we are excited that NIF’s management and their entire team will be joining the company,” John Redett, managing director and co-head of Carlyle’s global financial services team, said in a press release. “We remain highly supportive of the JCH management team as it continues to expand its distribution network, product offerings and geographical footprint through organic growth and a disciplined yet aggressive acquisition strategy.” You can read more Jencap news here.