Jencap Group has entered an agreement to acquire the assets of Russell Bond & Co. (RB).
RB, which has its principal office in Buffalo, NY, is a full-service specialty wholesale brokerage and managing general agency (MGA) firm. It provides MGA facilities and the brokerage of excess & surplus lines to retail brokers and agents in the upstate New York area, as well as in the Northeast.
According to Jencap, the acquisition of RB further diversifies and grows its platform as “one of the country’s largest MGAs, program managers and transactional wholesale brokers.”
“Retailers have come to rely on Russell Bond’s expertise and outstanding service in the commercial E&S space for over 70 years,” said Jencap CEO John F. Jennings. “This acquisition will expand our geographic footprint and our ability to provide additional resources and expertise to our client base.”
“Jencap’s philosophy of ‘better together’ matches well with our principles and culture. Our group has extensive underwriting and brokerage backgrounds, and we are excited to extend our reach through Jencap,” said RB president Gary Hollederer.
“The acquisition of Russell Bond brings additional depth to Jencap, aligns with our ongoing growth strategy and adds to the breadth of diversified products and services that we provide our agency partners,” said Jencap president Mark Maher.
Read more: Jencap Group appoints new president
Maher was named president of Jencap Group last June. He previously served as chief operating officer of Jencap and president of its NIF Group division – a managing general agency, program manager and wholesale insurance brokerage.