Jencap Acquires Quaker Special Risk
Positions Jencap as One of The Largest Specialty Insurance Distribution Platforms in the U.S.
New York, NY (June 19, 2020) – JenCap Holdings (JenCap), a specialty insurance business, announced today that it has agreed to acquire privately-held Quaker Agency, Inc. T/A Quaker Special Risk and Quaker Insurance Agency of Massachusetts, Inc.(Quaker), a specialty program administrator and wholesale brokerage with offices in New Jersey,
Massachusetts, Florida and North Carolina. The acquisition of Quaker is the tenth transaction by JenCap since its founding, and places the company among the largest specialty insurance distribution platforms in the U.S.
JenCap was formed in March 2016 by The Carlyle Group (Nasdaq: CG) and JenCap management to consolidate specialty insurance distribution businesses, including managing general agents, program managers and transactional wholesale brokers.
John F. Jennings, President and Chief Executive Officer at JenCap, noted the comprehensive programs and capabilities Quaker offers. “The Quaker team has assembled a company offering a broad range of property and casualty programs and wholesale brokerage capabilities to retail brokers and agents, with a strong presence in both commercial and personal lines. We are excited to work with Frank Walsh, Karin Branscombe, Mike Walsh and Tom Prokop in the expansion of Quaker within JenCap.”
Founded in 1960, Quaker has been led by Frank Walsh and Karin Branscombe who have built one of the leading program administration and wholesale brokerage platforms in the Northeast.
Frank Walsh, President of Quaker stated, “I’m very proud of the company we’ve built over the last 60 years and believe Quaker will immediately become a key strategic component of JenCap’s national platform.”
“We are excited about what this acquisition means for our evolving business,” said Karin Branscombe, Quaker Insurance Agency of Massachusetts CEO. “The partnership with JenCap gives us greater opportunity to expand our best-in-class solutions we offer our clients.”
About Quaker Special Risk
Founded in 1960, Quaker Special Risk is a Commercial and Personal Lines Wholesaler, MGA, and Program Manager that helps insurance agents and brokers develop unique and specialized insurance coverage solutions for their clients. For more information on Quaker, please visit their Web Site www.qsr-insurance.com.