Wholesale Trading Co-Op Agrees To Be Acquired By Carlyle Group

(RTTNews) - Wholesale Trading Co-op Insurance Services, a privately-held wholesale insurance specialist serving a group of leading retail insurance brokers, announced that The Carlyle Group has agreed to acquire a majority stake in wholesale insurance broker JenCap Holdings, LLC and the assets of Wholesale Trading Co-Op Insurance Services, which will be re-named Wholesale Trading Insurance Services, LLC. Wholesale Trading is currently owned by its management team and external private investors.

Following the acquisition, John F. Jennings, current President and Chief Executive Officer of Wholesale Trading, will be named President and CEO of JenCap Holdings. Kristopher Bauer, a founding member of Wholesale Trading and co-head of its Casualty Practice, will be named President of Wholesale Trading Insurance Services. JenCap Holdings will be headquartered in New York and Wholesale Trading will continue to operate from offices in New York, San Francisco, Atlanta and Princeton, New Jersey.

Equity capital for the transactions, financial terms of which were not disclosed, will be provided by Carlyle Global Financial Services Partners II. The transaction closed on March 16, 2016.