Aquiline Capital Partners Announces Majority Investment in Wellington Insurance Group
NEW YORK, January 19, 2016– Aquiline Capital Partners LLC, a New York-based private equity firm investing in financial services, announced today that it has entered into a definitive agreement to become the majority investor in Wellington Insurance Group, a Texas-based risk distribution business specializing in the delivery and administration of residential property insurance. Principal operating subsidiaries include Wellington Risk Insurance Agency, Inc., a managing general agency, Wellington Claim Service Inc., and Wellington Premium Finance, Inc. (collectively, “Wellington”).
“We are excited and fortunate to be partnering with Aquiline. Aquiline’s deep industry knowledge, operating expertise and broad network will help further strengthen our current capabilities and allow us to better serve the needs of our carrier and distribution partners and our policyholders,” said Paul Poston, CEO of Wellington. “They are the ideal partner for Wellington as we embark on this new chapter of business development.”
Wellington’s platform offers a differentiated value proposition to both its customers, retail agents, and numerous strategic admitted insurance carrier partnerships. Specific risk attributes of a prospective policyholder are evaluated and then allocated the proper price and coverage combination at the point of sale. The mechanism provides agencies access to an efficient 'Virtual Marketplace' for which the agent is assured Wellington is responsible for delivering every element of the consumer experience. Insurance carrier partners benefit from more granular risk segmentation provided by Wellington’s multi-carrier platform.
“Wellington’s underwriting model provides a clear competitive advantage,” said Jeff Greenberg, Chief Executive of Aquiline. “Wellington has demonstrated the ability to scale its platform with the right distribution and carrier relationships and is well-positioned for growth through geographic expansion. We look forward to partnering with the experienced management team at Wellington.”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the first quarter of 2016. No financial terms were disclosed.
About Wellington Insurance Group
Wellington is an insurance risk distribution and financial services organization with numerous operating entities conducting business from offices in Fort Worth, Texas. Wellington’s risk distribution business involves specialized underwriting expertise and market knowledge in specialty personal lines of business characteristic of low-severity and short-tailed risks. Wellington’s financial service capabilities are distinguished by many of the largest and most reputable names and regulatory bodies in the insurance and reinsurance industry enabling the highest level of tailored service solutions. For more information about Wellington Insurance Group, please visit: www.wellingtoninsgroup.com.
About Aquiline Capital Partners LLC
Aquiline is a private equity firm based in New York investing in middle-market businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology. Aquiline targets specialized businesses that have potential for improved performance and growth in conjunction with Aquiline’s equity ownership and active involvement. The Firm consists of industry experts who use their operating experience and a hands-on approach to build value in portfolio companies. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline-llc.com.