Aquiline substantially contributed in building our business. Unlike other private equity firms, I always felt like I was talking to my partners. Eleven years post IPO and I still speak with Chris Watson and Jeff Greenberg regularly.

Aquiline has a good blend of senior operating partners who had deep experience in our industry, coupled with smart financial minds and expertise. They also focused on not just the right financial outcome for them, but the right ultimate outcome for the management team and wider staff. 

I am not sure if another private equity firm would have had the capability to buy ERS from IAG back in 2013. It was only the combination of Aquiline's deep sector knowledge, combined with their partners' experience of actually running companies, that enabled it to get comfortable with the value creation thesis and the relative risk / reward in the investment.

Partnering with a firm that has a focus on, and deep roots in, financial technology is invaluable when transforming a business in a changing environment. Aquiline truly understands the marketplace and the opportunities for value creation and it has been a pleasure to be on this journey with them.

Having spent months researching our space prior to their first call, Aquiline had a very specific plan and theory about what they would like to do to help us recognize greater value. They have done exactly what they said they were going to do, and much more.

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Our private equity strategy is centered around businesses that are well established in their niche but could be much more. We look at the broader financial economy and the plumbing behind it for assets that may not be glamorous but are important. As partners, we let those organizations take a more ambitious tack, supporting aggressive growth initiatives and other paths to equity value creation.

We want partners who draw value from our financial services reach, and look for them in business services, software, and healthcare as well as the financial sector.

The private equity team seeks to invest thematically, looking at industry trends and then zeroing in on niches of interest. 

Investments tend to be $20-200 million, either funded all at once or over time. We move quickly and generally do not shy away from tough carve-outs and other complicated transaction types.

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Our venture team invests in early and growth-stage technology and services companies with transformative potential for insurance and other financial services sectors. Drawing insights from our portfolio companies and much larger financial institutions in our industry network, we look for promising new technologies matched to the industry’s pain points.

We aim to bend the curve, leveraging our relationships to get entrepreneurs in front of the corporate decisionmakers who can bring step changes as potential clients or partners.

The venture team looks at the bottlenecks and inefficiencies experienced by insurers, asset managers, and other traditional financial institutions to understand market needs and corresponding opportunities for emerging fintech, insuretech, and enterprise technology.

Typical investments range from $3-25 million in companies with at least $1 million in annual recurring revenue. ATG can be the first institutional capital or participate in later rounds as a lead or co-lead investor.

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Our opportunistic credit strategy is a flexible capital solution focused on primary and secondary middle market opportunities, primarly in North America and Europe. We seek out market inefficiencies and dislocations due to macroeconomic factors, business challenges, complexity, and size.

As investors, we are targeting special situations that exhibit downside protection and preservation of capital with embedded upside optionality.

The credit opportunities team seeks to invest in industries familiar to Aquiline, including financial services and technology, asset-based finance, and healthcare services, in addition to other sectors where we find attractive opportunities and special situations.

Our strength is working in complex situations that require deep industry expertise and the ability to move quickly and provide strategic capital solutions.

Avel 

July 28, 2021 - Avera Health announces the acquisition of its telemedicine services, Avera eCare, by Aquiline Capital Partners, a private investment firm based in New York and London with $6.4 billion in assets under management. As part of the acquisition, Aquiline will execute the carve-out of Avera eCare and rename the company Avel eCare. Closing is expected to occur in the fourth quarter of 2021.
“We are very proud that Avera’s innovation in the telehealth space created this nationally renowned telehealth company,” said Bob Sutton, President and CEO of Avera Health. “During the pandemic, people nationwide recognized the value of telehealth, and telehealth grew in significance. The time is right for us to fulfill this piece of our strategic plan so Avel eCare can scale and help even more people. Avera will continue its tradition of being an innovator in the virtual care space well into the future. And, Avera will maintain a relationship with Avel eCare as a recipient of telemedicine services.”
“Avel eCare has developed an innovative solution that provides critical services to underserved communities in the growing telemedicine market.  It aligns with our expertise in establishing corporate carve-outs and helping to build tech-enabled services businesses. We look forward to building on eCare’s strengths and working closely with the management team to expand their services and enhance their offerings for clients around the country,” said Jeff Greenberg, Chairman and CEO of Aquiline. 
Avel eCare’s more than 230 employees will continue to work for Avel eCare, and its headquarters will remain in Sioux Falls, S.D. Avera patients will continue to benefit from telemedicine with no interruption of services. Some services, including virtual specialty consults, will remain with Avera.
“Over the past decade, Avera eCare, now Avel eCare, grew telehealth services to over 600 sites across 32 states,” said Deanna Larson, who will remain the CEO of Avel eCare. “We are proud of the team that pioneered this unique care model, cultivating thousands of clinician-to-clinician relationships in support of the bedside care teams. We are excited to be given the blessing of Avera’s founders, and the investment of Aquiline to build our program further and provide quality, compassionate care to even more individuals.” 
“We look forward to partnering with Aquiline and leveraging their experience in our pursuit of filling unmet needs in the health care system. We are thrilled with the opportunity to bring additional services to our customers in this next chapter of Avel eCare’s development," Larson said.
“Avera remains focused on its goals to accelerate growth including digital health, geographic expansion and investments in its people,” Sutton said. “We are proud of all that the eCare team has accomplished, and our patients will continue to benefit from the lifesaving care delivered via telemedicine.”
Avel eCare includes a broad range of service lines that include Behavioral Health, Correctional Health, Emergency, Hospitalist, ICU, Pharmacy, School Health and Senior Care.


Avera Health Announces Ownership Transition of Avera eCare to Aquiline Capital Partners

Aquiline has acquired a majority ownership stake in SurePoint® accelerating our capacity to innovate and provide customers with an exceptional experience.

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June 2, 2021 – SurePoint Technologies, a leading cloud provider of practice management solutions to law firms, today announced a strategic investment from Aquiline Capital Partners, a private investment firm based in New York and London with $6.4 billion in assets under management. As part of the transaction, Aquiline will acquire a majority ownership stake in SurePoint and will work closely with the company’s management team to continue building best-in-class client solutions. Existing SurePoint investor ParkerGale will roll a portion of its equity stake and maintain minority ownership in the company.  

Founded more than 40 years ago, SurePoint provides law firms with a singular, Cloud-based platform, empowering clients with improved workflows, data-driven insights and the ability to maximize profitability. SurePoint’s comprehensive, end-to-end platform enables law firms to run efficiently and includes financial management, payment processing, mobile timekeeping, business intelligence and real time reporting.  

“Aquiline’s investment, combined with the strength of SurePoint’s existing management team, places SurePoint on a strong competitive footing as we can now accelerate the enhancement of our award-winning platform”, said Tom Obermaier, Chief Executive Officer of SurePoint. “The new partnership will further improve our capacity to innovate and provide our customers with an exceptional experience. We are forever thankful for the trust our clients and the industry place in us. Aquiline’s expertise in legal technology, payments and vertical software will further cement that trust as we continue to make law firms better by alleviating administrative burdens.”

“Partnering with the team at SurePoint has been one of the joys of my career. We built a great company with an amazing culture, and we are excited to work alongside Aquiline, Tom and the team to continue the journey,” Kristina Heinze, Co-Founder and Partner of ParkerGale said.

“Tom and the SurePoint team have built a strong business that is well-equipped to help manage more seamless administrative processes, enabling law firms to improve performance and operate more efficiently,” Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline said. “We are excited to partner with SurePoint, where our experience with investing in vertical software, legal services and payment processing will support the company as it continues to deliver cutting-edge solutions to its customers.” 

Raymond James served as financial advisor to ParkerGale, and Kirkland & Ellis LLP served as legal advisor. Willkie Farr & Gallagher LLP served as legal advisor for Aquiline. 

About SurePoint Technologies

SurePoint Technologies is a leading provider of financial and practice management software to law firms nationwide. For more than 40 years, law firms have relied on SurePoint’s award-winning enterprise software to drastically improve workflow and maximize financial performance. With a community of more than 50,000 members, SurePoint continues to transform the legal industry by enabling law firms to unlock higher performance by freeing lawyers of administrative burdens so they can spend far more time focusing on their clients and their practice. Learn more at https://surepoint.com. 

About ParkerGale

ParkerGale Capital is a private equity firm based in Chicago that invests in founder-owned technology companies and corporate carve-outs where the firm's operating resources can have a meaningful impact on the outcome. ParkerGale also hosts the Private Equity FunCast available on iTunes, Google Play and wherever you get your podcasts. Please visit www.parkergale.com  to learn more.


SurePoint Technologies Announces Investment from Aquiline Capital Partners

Education Slide 

LONDON, UK (1 June 2021) – Wealth at Work Group Limited (“Wealth at Work”), a UK-based specialist provider of workplace financial education, guidance and regulated financial advice for individuals, is pleased to announce that it has agreed to an investment from Aquiline Capital Partners (“Aquiline”), a private investment firm based in New York and London with $6.4 billion in assets under management.

Wealth at Work, which employs approximately 250 people, works with over 450 private and public sector employers including Marks & Spencer, BT, Experian and the NHS, delivering financial wellbeing programmes and retirement services.

Since its 2015 management buyout backed by Equistone Partners Europe (“Equistone”), Wealth at Work has continued to achieve rapid growth to meet the significant demand for its services, which are now offered to over a million employees across the organisations with whom it works. The technology-driven service is uniquely tailored to each client’s requirements through a complete suite of services ranging from seminars and digital tools such as the Financial Healthcheck through to virtual or telephone guidance services and regulated financial advice.
Wealth at Work’s management team, which continues to be led by CEO David Cassidy, will retain a significant equity stake. Equistone will retain a minority stake in the Company alongside Aquiline and management.

David Cassidy, Chief Executive Officer of Wealth at Work, said: “This investment will allow us to continue to grow and meet the rapidly increasing demand for our services which are used by a number of the largest companies and organisations in the UK. I very much look forward to working with Aquiline whose deep understanding of the UK and US retirement market and track record of supporting technology-driven growth will help us further develop our offering to clients, deliver innovation and set new standards of best practice. We would also like to take this opportunity to thank Equistone for the support they have provided so far, and we look forward to continuing our work with them as we take our business to the next chapter.” 

Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline, said: “Individuals are facing increasingly complex and important financial decisions as they plan for retirement, which Wealth at Work helps them navigate. We believe that David and his team have built a platform that can deliver high-quality, personalised financial guidance and advice to a growing number of workplace savers across the UK in a highly scalable and technology-enabled manner. We are excited about partnering with them in the next phase of their journey.”

Dominic Geer, Senior Partner at Equistone, said: “We are delighted that, after five years of working closely with David and his team at Wealth at Work, the company is in a strong position to explore exciting new opportunities. Wealth at Work has grown significantly since 2015, and through investment in organic and acquisitive growth has emerged as a clear market leader. Equistone has a successful track record of investing in financial services businesses in the UK and internationally and we look forward to remaining involved in this next phase of the company’s development.” 

Closing of the investment is subject to the parties obtaining relevant regulatory approval.

Evercore provided corporate finance advice and Herbert Smith Freehills provided legal advice to Aquiline. Due diligence was performed by Oliver Wyman (commercial), Deloitte (financial and tax), West Monroe (technology) and Howden (insurance).

Deloitte’s Manchester and London-based Financial Services teams provided corporate finance advice and Travers Smith provided legal advice to Wealth at Work in relation to the transaction.

About Wealth at Work

Wealth at Work is a workplace specialist - providing financial education, guidance and regulated financial advice for individuals.

Its services help employees make informed decisions to improve their financial wellbeing throughout their career and to maximise income at retirement. Its services are also available for Trustees to help their members fully understand their retirement income options and how to mitigate associated risks. For more information, visit www.wealthatwork.co.uk.

About Aquiline 

Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in businesses across financial services and technology, business services, and healthcare. The firm had $6.4 billion in assets under management as of March 31, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit https://www.aquiline.com/.

About Equistone

Equistone is an independent investment firm wholly-owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 40 years, with more than 400 transactions completed in this period. Equistone has a strong focus on change of ownership deals and aims to invest between €25m and €200m+ of equity in businesses with enterprise values of between €50m and €500m. The company has a team of over 40 investment professionals operating across France, Germany, the Netherlands, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is currently investing its sixth buyout fund, which held a final closing at its €2.8bn hard cap in March 2018. 

Equistone is authorised and regulated by the Financial Conduct Authority. Further information can be found at www.equistonepe.com.


Wealth at Work Announces Investment from Aquiline Capital Partners

Corvus

BOSTON--(BUSINESS WIRE)--Corvus Insurance, a leading provider of smart commercial insurance products powered by AI-driven risk data, today announced it has secured extensions to its recent Series C funding, led by venture capital firms FinTLV and Aquiline Technology Growth (ATG). These latest investments will add to Corvus’s three rounds of venture capital previously announced — including its $100M Series C funding — bringing Corvus’s overall funding to $162M.

Corvus’s broker-focused approach uses AI and machine learning to analyze unique and proprietary sets of data to better predict and prevent loss. This novel approach helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the dynamic commercial insurance marketplace. As Corvus continues to build on its mission of creating a safer world, the company is leaving a lasting impression on its brokers and policyholders, garnering a strong broker net promoter score (NPS) score of 82.

“The best insurtech success stories are the companies that actually understand the insurance business, and in particular, distribution. Corvus has a strong team that truly understands the commercial insurance business. We feel that Corvus is best positioned to succeed in the space because of its approach, its underwriting technology, and its ability to execute with a distribution-first partnership with brokers, enabling the brokers to sell complex policies to growing businesses,” said Mark Chess, Managing Partner at FinTLV.

As the InsurTech market continues to flourish, Aquiline Technology Growth, which has invested in many insurance technology firms, recognized a strong opportunity with Corvus.

“At the outset, cyber attacks are the biggest emerging risk within the commercial insurance landscape and Corvus is a category leader in providing smart cyber insurance to protect against that risk,” said Max Chee, head of ATG. “We’re excited to help the Corvus team as the company further expands its capabilities and products. Their deep understanding of evolving cyber threats, coupled with proactive engagement with the policyholder for prevention and risk management, gives them a superior offering in the marketplace.”

“We have the opportunity here to really reimagine commercial insurance. The addition of FinTLV and Aquiline Technology Growth as investors will allow us to continue scaling, increase our share of the market, and enter new commercial lines. We’ve been presented with an opportunity to increase our impact and make the world a safer place, and we’re grateful to our new investors for the value and expertise they will bring,” said Phil Edmundson, founder and CEO of Corvus.

About Corvus

Corvus Insurance is a leading provider of commercial insurance products built on advanced data science, with an AI-driven approach to empowering brokers and policyholders to better predict and prevent loss. With each Smart Commercial Insurance® policy, Corvus supplies proprietary Dynamic Loss Prevention® reports to inform policyholders of critical cyber risk areas and provide actionable security recommendations. Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries, Corvus is backed by Insight Partners, Bain Capital Ventures, .406 Ventures, Hudson Structured Capital Management, Aquiline Technology Growth, FinTLV, Telstra Ventures, Obvious Ventures, and MTech Capital. The company is headquartered in Boston, Massachusetts, and has offices across the U.S.

About FinTLV

FinTLV is a global insurtech-focused fund. It partners with the best insurtech and fintech companies through all phases, with a bias towards later-stage deals. Its recent investments include leading or participating in investment rounds in some of the most prominent companies in these fields including Hippo Insurance, Next Insurance, Unqork and Corvus. The firm works closely with management teams and leverages its broad global network of insurance, re-insurance and insurtech companies to support its portfolio companies. The fund’s limited partners include some of the world’s leading insurance companies. For more, visit http://fintlv.com/.

About Aquiline Technology Growth

Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private investment firm based in New York and London investing in businesses globally across the financial services and technology sector. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit: www.aquiline.com.

Corvus Welcomes New Investors With $15M Series C Financing Extension

Ascensus Textural

DRESHER, Pa., April 26, 2021 /PRNewswire/ -- Ascensus announced today that funds managed by Stone Point Capital, the Greenwich, CT-based private equity firm specializing in financial services, along with GIC, Singapore's sovereign wealth fund, have entered into a definitive agreement to acquire Ascensus from its current private equity ownership group led by Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital. Genstar Capital and Aquiline Capital Partners will maintain a minority stake in Ascensus.

The transaction is expected to close in the third quarter of 2021, following regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed.

Now in its 41st year of operations, Ascensus is a technology-enabled services company that helps millions of people save for retirement, education, and healthcare. It is also the leading independent recordkeeping services partner, retirement plan third-party administrator, and government savings facilitator in the United States. Through the company's network of institutional, financial advisor, and state partners, Ascensus supports more than 12 million savers through a variety of tax-advantaged retirement, education, and consumer-directed health savings accounts.

"We are delighted to partner with Stone Point Capital and GIC, who share our confidence in the strategic importance and growth potential of the retirement, education, and health savings markets," said David Musto, president and CEO of Ascensus. "Their commitment will only strengthen our ability to continue investing in new capabilities, technology, and solutions; enhance our already world-class client service levels; and attract top talent to our organization."

Musto added, "We thank Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital for their support throughout our long relationship, which helped us become the leader we are today in the markets we serve."

"We have followed Ascensus' success for some time and see tremendous opportunities for further growth and positive impact on the industry," said Chuck Davis, CEO of Stone Point Capital. "We believe Ascensus is a true leader in providing technology, expertise, and partnership to enable savings across the critical areas of retirement, education, and healthcare. We look forward to partnering with their management team and talented associates to support their continued growth, solutions innovation, and strong service delivery."

Yong Cheen Choo, GIC's chief investment officer of private equity, said, "Ascensus is delivering industry-leading solutions to help people save for what matters most. As a long-term investor, we believe Ascensus' unique technology, market insights, and business knowledge will continue to drive growth and innovation in this space. We are thrilled to grow our years-long partnership through this increased investment, and look forward to working with Ascensus' impressive management team over the long term."

"Our journey with Ascensus and their management team over the last five years has been both remarkable and rewarding," said Tony Salewski, managing director of Genstar.

Jeff Greenberg, chairman and CEO of Aquiline Capital Partners added, "We are very pleased Ascensus has become a market-leading savings business, having grown both organically and through acquisitions under our ownership. The company is well led and in a strong position to achieve its next phase of development over the coming years."

"It has been an honor to be an investor in Ascensus twice in my career," said David Schamis, founding partner and chief investment officer of Atlas Merchant Capital LLC. "Ascensus combines a strong market position with a highly skilled and shareholder value-focused management team. I am eager to continue to watch them flourish."

Barclays and Goldman Sachs & Co. LLC acted as co-financial advisors to Ascensus in connection with this transaction. J.P. Morgan Securities LLC acted as sole financial advisor to Stone Point Capital. Willkie Farr & Gallagher LLP acted as legal counsel to Ascensus. Simpson Thacher & Bartlett LLP acted as transactional counsel to Stone Point Capital. Kirkland & Ellis LLP acted as financing counsel to Stone Point Capital.

About Ascensus

Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is the largest independent recordkeeping services provider, retirement plan third-party administrator, and government savings facilitator in the United States. For more information, visit ascensus.com.

Get the latest trends and insights based on our proprietary data from more than 113,700 retirement plans, 6.0 million 529 accounts, 426,500 health savings accounts, and 23 ABLE plans.* Inside America's Savings Plans highlights average savings levels across these tax-advantaged accounts and showcases plan features that drive participation and growth.

*As of December 31, 2020.

About Stone Point Capital LLC

Stone Point is an investment firm based in Greenwich, CT, with approximately $30 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in a number of alternative asset classes, including private equity through its flagship Trident Funds. Stone Point also manages both liquid and private credit funds and managed accounts. In addition, Stone Point Capital Markets supports our firm, portfolio companies and other clients by providing dedicated financing solutions. For more information, please visit www.stonepoint.com.

About GIC

GIC is a leading global investment firm, established in 1981, to strengthen Singapore's financial future by managing its foreign reserves. As a disciplined long-term value investor, we engage across a wide range of asset classes in over 40 countries. Headquartered in Singapore, we have a strong global talent force of over 1,700 people positioned in 10 key financial cities. For more information on GIC, please visit www.gic.com.sg or LinkedIn.

About Aquiline Capital Partners LLC

Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York and London investing in businesses across the financial services sector in banking and credit, insurance, investment management, and financial technology and services. The firm had $6.1 billion in assets under management as of December 31, 2020. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.com.

About Genstar Capital LLC

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Together with Genstar X and all active funds, Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials and software industries.

About Atlas Merchant Capital LLC

Atlas Merchant Capital LLC was founded to participate in compelling market opportunities in the financial services sector. Based in New York and London, Atlas Merchant Capital was founded by Bob Diamond and David Schamis, who together with their partners form a complementary partnership with extensive operating and investing expertise across the financial services landscape. For more information about Atlas Merchant Capital, please visit www.atlasmerchantcapital.com.


Expertise focused
on management goals.

Opportunity with
every connection.

Insight for
further reach.

Aquiline
Capital Partners

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Expertise focused on management goals.

Opportunity with every connection.

Insight for further reach.

AquilineCapital Partners

Latest news

Expertise focused
on management goals.

Opportunity with
every connection.

Insight for
further reach.

Aquiline
Capital Partners