Oak Hill Capital and The Carlyle Group have partnered to create Galway Insurance Holdings, a diversified insurance brokerage and underwriting platform. This new venture combines Oak Hill’s EPIC Brokers and Consultants, the 14th ranked retail broker in the US, with Carlyle’s JenCap Holdings, the 8th ranked specialty distribution aggregator. This strategic move signifies a significant investment in the insurance industry.
Galway Insurance Holdings: A New Powerhouse in Insurance Brokerage
Galway Insurance Holdings represents a powerful alliance between two major players in the private equity and insurance sectors. Oak Hill Partners’ contribution of EPIC Brokers and Consultants, a leading retail brokerage firm, combined with The Carlyle Group’s JenCap Holdings, a prominent specialty distribution aggregator, forms the foundation of this new entity. This partnership leverages the strengths of both firms to create a comprehensive and diversified platform.
Concurrently with the formation of Galway, JenCap Holdings has acquired Quaker Special Risk, expanding its wholesale and managing general agent (MGA) capabilities across multiple states. This acquisition further solidifies Galway’s commitment to growth and strategic expansion within the insurance market. The combined resources and expertise of EPIC, JenCap, and Quaker Special Risk position Galway for significant market impact.
Strategic Advantages and Future Growth
According to Steve Puccinelli, Managing Partner at Oak Hill Partners, this joint venture provides substantial financial strength and expanded service offerings. The collaboration between Oak Hill and The Carlyle Group, along with the leadership of John Hahn at EPIC and John Jennings at JenCap, creates a strong foundation for navigating current market challenges and capitalizing on future opportunities. The combined entities are well-positioned to address the evolving needs of the insurance industry.
Galway is committed to investing in key areas such as data analytics, technology upgrades, reinsurance solutions, and innovative risk-sharing strategies. These investments aim to create a significant competitive advantage, particularly in the post-COVID-19 environment. While EPIC and JenCap will operate independently, they will leverage shared resources and explore new growth opportunities to expand their geographic reach and strategic capabilities.
John Hahn, Executive Chairman of EPIC, emphasizes the importance of this structure in fostering innovation and responding to anticipated shifts in product manufacturing and distribution. John Jennings, CEO of JenCap, highlights the opportunity for continued growth and the development of a highly diversified wholesale platform. Both leaders express confidence in the potential of this partnership to drive significant value creation within the insurance industry. John Redett, Managing Director and Co-Head of Carlyle’s Global Financial Services group, echoed this sentiment, highlighting the strong partnership between Oak Hill and Carlyle, and the confidence in EPIC’s business model and leadership. He believes Galway is well-positioned to identify and capitalize on strategic opportunities in the insurance distribution landscape.
Conclusion: A Transformative Partnership in the Insurance Industry
The formation of Galway Insurance Holdings marks a significant development in the insurance brokerage and underwriting landscape. The partnership between Oak Hill Partners and The Carlyle Group, combining the strengths of EPIC Brokers and Consultants and JenCap Holdings, creates a formidable force in the industry. With a focus on innovation, strategic growth, and technological advancement, Galway is poised to reshape the future of insurance distribution.
