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.

ATG II 

Fund closed with more than $365 million in total commitments, exceeding its target of $300 million

NEW YORK and LONDON, May 4, 2022 /PRNewswire/ -- Aquiline Capital Partners LLC (“Aquiline”), a private investment firm based in New York and London with $8.7 billion in assets under management, today announced the final closing of Aquiline Technology Growth Fund II (“ATG II” or the “Fund”). The Fund closed with more than $365 million in total commitments, exceeding its target of $300 million and nearly doubling the $189 million in total commitments raised for Aquiline Technology Growth’s (“ATG”) first fund. 

Aquiline has raised the Fund from new and existing investors around the world and plans to continue ATG’s strategy of partnering with innovative early- and growth-stage technology companies across fintech, insuretech and related enterprise software and services. ATG has made 27 investments over two funds, investing across the financial services value chain in companies that use technology to enable functions including sales and distribution, automation of back-office functions, and product innovation.

“Today is yet another important milestone for Aquiline and a testament to the strong reputation we have developed with institutional investors around the world through our distinct investment approach,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We are confident that our team is well-positioned to identify and invest in high-growth companies that can benefit from our robust network and deep industry expertise.”

“With this larger fund, ATG is now even better positioned to be a trusted partner to entrepreneurs who are building exciting, fast-growing businesses in our target markets across financial services,” said Max Chee, Head of Aquiline Technology Growth. “We are thrilled to have added some very important investors to our community and look forward to building and enhancing great companies together.” 

“Our specialist focus has allowed us to target and invest in businesses that are solving real pain points in markets across financial services, such as insurance, that are not as well understood by the broader investment community and are earlier in their adoption of digital technologies than many other industries,” said Mike Cichowski, who leads ATG’s growth investing, which partners with boot-strapped companies requiring capital to accelerate growth. 

About Aquiline Capital Partners
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare industries. The firm had $8.7 billion in assets under management as of March 31, 2022. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.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 companies across financial services and technology, business services, and healthcare industries. 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 http://www.aquiline.com.


Aquiline Announces Closing of Aquiline Technology Growth Fund II

distinguished

Distinguished Programs (“Distinguished” or the “Company”), a national insurance program manager, is pleased to announce that it has entered into a definitive agreement with Aquiline Capital Partners LLC (“Aquiline”) to acquire a majority stake in the Company. Aquiline is a private investment firm based in New York and London with $7.5 billion in assets under management. Financial details of the transaction were not disclosed.
In conjunction with Aquiline’s investment, Andy Potash, Founder and CEO of Distinguished, will retain a significant minority equity stake, return to his roots in product development, and transition to an active Board role. Concurrently, three new executives will join the Distinguished team: Bill Malloy as CEO, Jason Rotman as President and Chief Financial Officer and Steve Sitterly as Chief Operating Officer. The new team members have worked together in prior roles and bring highly complementary skillsets which will support Distinguished’s next phase of growth. 
Since its founding in 1995, Distinguished has grown into one of the largest independent program managers in the country. The Company underwrites and distributes insurance products across 14 programs with a technology-centric approach. Current programs include property and casualty products for the Real Estate and Hospitality markets, as well as prize coverage for golf hole-in-one and other prize indemnification products. 
“When we started this process, we were hoping to raise capital to enable our continued and expanded investment in product development, technology and most importantly people, as well as find a CEO to succeed me. Aquiline has been exceptional in helping us meet all these goals and I couldn’t be more proud and more excited to be partnering with them and having Bill, Jason and Steve join Distinguished,” said Andy Potash. 
“Under the leadership of Andy Potash, Distinguished has established itself as a highly respected program manager with significant opportunities for continued organic and acquisition-based growth,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We are excited to be working again with former Aquiline Partners and portfolio company executives in Bill, Jason and Steve and look forward to supporting them and the Distinguished team on this next phase of expansion.”
“Jason, Steve and I have long admired the quality of the organization that Andy and the Distinguished team have built and are honored to join the Company,” added Bill Malloy. “We look forward to working closely with the team, as well as Distinguished’s distribution and carrier partners, to further build upon the platform through developing new programs internally, hiring additional underwriting teams and pursuing attractive acquisitions to expand our capabilities and reach.”
Willkie Farr & Gallagher is serving as legal advisor for Aquiline. Evercore is serving as financial advisor and Patterson Belknap Webb & Tyler LLP is serving as legal advisor for Distinguished.
About Distinguished Programs
Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hotels, and Restaurants. Property and liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished Programs' high-limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees. www.distinguished.com.


Distinguished Programs Announces Majority Investment from Aquiline Capital Partners and New Executive Management Team

VirtusLab Vector

Krakow, Poland and New York, December 16, 2021 – VirtusLab Sp. Z.o.o. (“VirtusLab”) is pleased to announce that it has entered into a definitive agreement for Aquiline Capital Partners LLC (“Aquiline”) to become a significant shareholder in the company. Aquiline is a private investment firm based in New York and London with $7 billion in assets under management, specialising in investments in financial services and technology. Financial terms of the transaction were not disclosed. Existing management will roll a portion of their equity stake and maintain ownership in the company.

Founded in 2010 by Rafal Pokrywka, VirtusLab is a software development and consulting company based in Poland. VirtusLab specializes in cloud-native, reactive systems, data science, data engineering and front-end development to enterprise customers globally. The company’s customers include leading blue-chip companies across sectors including financial services, retail, logistics and automotive. The company has been recognised as one of the fastest growing companies in Europe by the Financial Times for the last three years and currently employs over 300 Team Members 

Founder and CEO, Rafal Pokrywka will lead the business, along with CTO, Pawel Dolega and COO, Tomasz Orzechowski. The investment will be used to further accelerate organic growth through the attraction and retention of top-tier talent, strengthen VirtusLab’s R&D department focused on software development efficiency, and acquisitions to expand scale and reach. 

“We are excited by our new partnership and look forward to working with Aquiline to leverage their unique expertise in helping companies like ours scale,” said Rafal Pokrywka. “VirtusLab’s ambition is to become the best, leading software technology company operating globally with development centers in Poland and other European countries. Our platforms and proprietary software represent leading innovations in our space and the investment from Aquiline leaves us well poised for growth amidst accelerating customer demand. Their support also comes at a crucial time when competition for talent has reached an all-time high.” 

“Rafal and the VirtusLab team have built an excellent platform with exceptional development talent and a strong customer base,” said Vincenzo La Ruffa, president of Aquiline Capital Partners. “We look forward to working together to accelerate growth and build a global leader.”

White & Case served as legal advisor to Aquiline. Deloitte served as accounting and tax advisor, and Crosslake Technologies served as technology advisor. 

mInvestment Banking served as financial advisor to VirtusLab and Gessel served as legal advisor. 


Software Development Company VirtusLab Announces Investment From Aquiline Capital Partners

Fullsteam

Auburn, Alabama, San Francisco, and New York, December 2, 2021 – Fullsteam Holdings LLC (“Fullsteam”), a payments technology and vertical software holding company owned by Aquiline Capital Partners, a private investment firm based in New York and London with $7 billion in assets under management, today announced the closing of a minority investment from Sixth Street, a leading global investment firm. Financial details were not disclosed.

Founded in 2018 by Michael Lawler and Aquiline Capital Partners, Fullsteam is a leader in integrated payments and vertical software solutions to small and mid-size businesses across healthcare, field services, specialty retail, association management, automotive and many other specialized markets. Leveraging the strength of its innovative payments platform, operating team and broad base of talented software executives and entrepreneurs, the company seeks to deliver innovation in software and payments to its customers. Since Fullsteam’s founding, the company has brought together nearly 50 founder-led software companies empowering founders to grow faster through payments optimization and investment in sales, marketing and product development.

“We believe the future of payments delivery is with integrated software. We have purpose-built a suite of payments solutions to integrate with industry-specific and mission critical software products to ease the day-to-day administrative burdens of our customers,” said Michael Lawler, CEO of Fullsteam. “We’re at the cutting edge of integrated payments processing and with the full support of Aquiline, and now Sixth Street, we are excited to continue to drive better solutions for our growing base of small and mid-sized business customers that are the life blood of our economy.”  

“Since Fullsteam’s founding in 2018, Michael has built a terrific team, integrated product suite and portfolio of software businesses that are leaders across their respective markets,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “The success of Fullsteam to date is a credit to Michael’s leadership, the broader team and the many entrepreneurs who have aligned with Fullsteam. We are delighted to welcome Sixth Street to the team.” 

“We are thrilled to partner with Fullsteam and Aquiline to support the company’s vision to help entrepreneurs modernize their tech stacks, leverage integrated payments, and build meaningful businesses in their distinct markets,” said Bo Stanley, Partner and Co-Head of Sixth Street Growth. “Fullsteam’s journey has just begun, and we look forward to supporting Michael and his team in capturing additional opportunities for the platform to build on its impressive growth trajectory to date.”  

Willkie Farr & Gallagher served as legal advisor to Aquiline and Fullsteam. Goldman Sachs and Raymond James served as financial advisors to Fullsteam. Cleary Gottlieb served as legal advisor to Sixth Street.


Fullsteam Announces Closing of a Minority Investment from Sixth Street

AveleCare_thumbnail2

Sioux Falls S.D. and New York, November 1, 2021 - Avel eCare announced today the closing of its ownership transition from Avera Health to Aquiline Capital Partners, a private investment firm based in New York and London with $6.9 billion in assets under management. The transaction was previously announced in July 2021 in which Aquiline executed a carve-out of Avera eCare from Avera Health and renamed the Company Avel eCare. 

Doug Duskin will be joining the company as Chief Executive Officer and Don Yish has been named Chief Revenue Officer. Deanna Larson will remain with the Company as President of Clinical Operations and will drive the clinical expansion strategy. The rest of the Company’s core leadership team remains in place. Avel eCare’s more than 230 employees will continue to work for the Company at the firm’s headquarters in Sioux Falls, S.D.

Duskin is an experienced health care executive with a proven track record of working with high-potential companies to leverage new opportunities, expand on existing services, and recognize consistent growth, all while staying mission driven and laser-focused on service. Duskin comes to Avel after spending time leading two separate health care organizations – Change Healthcare and Equality Health. 
Yish has more than 30 years of healthcare experience and brings an expertise in business development and company expansion. Yish’s experience includes leading teams at Outcomes Health Information Solutions, HMS (Health Management Solutions), and Equality Health.

For the past 28 years, Larson has led Avel eCare through a period of expansive growth, devoting her career to ensuring rural populations receive high quality health care. With her strong vision and leadership, Avel eCare has become a national leader in delivering innovative telemedicine care impacting millions of individuals across the country.

“We are thrilled to formally begin the partnership between Avel eCare and Aquiline,” said Doug Duskin, CEO of Avel eCare. “Avel eCare’s clinical and technology resources are a great foundation on which to build. We are excited to have the support of Aquiline and together we aim to capitalize on healthcare trends to scale our services and enhance our offerings around the country. This partnership will allow Avel eCare to expand its mission to help ensure that all people, regardless of location, get quality healthcare where and when they need it.”

“Avel eCare’s mission to become a trusted, well-integrated member for its clinicians, along with its proven track record of providing quality care to underserved communities, aligns well with our expertise in building tech-enabled services businesses,” said Jeff Greenberg, Chairman and CEO of Aquiline. “We look forward to partnering with Doug and his management team to navigate the Company’s next phase of growth.”


Expertise focused
on management goals.

Opportunity with
every connection.

Insight for
further reach.

Aquiline
Capital Partners

Latest news

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