Private equity firm The Carlyle Group has signed agreements to acquire a majority interest in wholesale insurance broker JenCap Holdings and the assets of Wholesale Trading Co-Op Insurance Services.


Carlyle Global Financial Services Partners II will provide equity capital for the transactions, which are anticipated to close by mid-March.

The acquisition will result in New York-based JenCap consolidating its specialty insurance distribution and program management businesses.

Wholesale Trading Co-Op Insurance Services will be rebranded as Wholesale Trading Insurance Services, with offices in New York, San Francisco, Atlanta and Princeton, New Jersey.

Wholesale Trading President and CEO John Jennings will take on the same roles at JenCap, while founding member and co-head of Wholesale Trading’s casualty insurance practice Kristopher Bauer, will now serve as president of Wholesale Trading.

Carlyle Group managing director John Redett said: "John and the entire WTCI team have done a tremendous job building the organization from a start-up, creating a high-growth, client-focused organization in only five years.

"We look forward to making the necessary investments for the WTCI team and JenCap Holdings to quickly become a significant player in the specialty insurance distribution and service business."

The Carlyle Group is a global alternative asset manager with $183bn of assets under management across 126 funds and 160 fund of funds vehicles as of 31 December 2015.

The company employs over 1,700 people in 36 offices across six continents.

Image: Carlyle Group to acquire insurance brokers JenCap Holdings and Wholesale Trading Co-Op Insurance Services. Photo: courtesy of Stuart Miles /