Wellington Insurance Group, a distribution business based in Texas and specializes in the delivery and administration of residential property insurance welcomes a majority investor in a definitive agreement with Aquiline Capital Partners LLC, a private equity firm based in New York investing in financial services, ifawebnews.com reports.
Principal operating subsidiaries include Wellington Risk Insurance Agency, Inc., a managing general agency, Wellington Claim Service Inc., and Wellington Premium Finance, Inc.
There were no financial terms disclosed.
"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."
The platforms that Wellington offers include a differentiated value proposition to both its customers, retail agents, and numerous strategic admitted insurance carrier partnerships. Prospective policyholders are assessed of specific risk attributes which are then allocated with the proper price and coverage combination when a deal is closed. An efficient 'Virtual Marketplace' is made available for agencies by the mechanism assuring agents with Wellington's responsibilities to deliver all elements of the consumer experience. Wellington's multi-carrier platform offers more granular risk segmentation for insurance carrier partners.
"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 expected to come to completion in the first quarter of 2016 and will be subjected to customary closing conditions and regulatory approvals.
