Aquiline Capital Partners, the private- equity firm run by Jeff Greenberg, agreed to buy a majority stake in closely held Wellington Insurance Group to expand in the Texas market for residential property coverage.
Aquiline will acquire the stake from limited partners, according to a person familiar with the transaction who asked not to be identified discussing a private deal. Wellington provides claim services, has an agency operation that connects insurance providers with customers and helps finance premium payments for clients. The transaction for Fort Worth-based Wellington is expected to be completed this quarter, Aquiline said in a statement Tuesday that didn’t disclose terms.
Greenberg, the former chief executive officer of broker Marsh & McLennan Cos., founded Aquiline in 2005. The firm has invested in insurance services including brokerage and asset- management operations.
“Wellington’s underwriting model provides a clear competitive advantage,” Greenberg said in the statement. “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.”
Wellington is a 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.
“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.” – additional reporting by FWB