The Massachusetts-based insurance agency, Renaissance Alliance Insurance Services (RAIS) has announced that it has invested $ 30 million from Long Arc Capital to accelerate its expansion outside New England.
With this investment, New York City-based private equity firm Long Arc will have a majority stake in the Renaissance Alliance, while Bruce Cochrane and Janet Cochrane will continue as executive leadership roles in the company.
Firms will ensure that the capital increase will continue to grow in the provinces where the company operates (Massachusetts, Connecticut, Vermont, New Hampshire, Rhode Island and New York), open up new territories and expand services. members.
Founded in 1999, the Renaissance Alliance is a membership alliance for independent agencies that specialize in property / accident insurance. The Renaissance Alliance has now reported that it has more than 80 members in the New England region, selling a total of $ 600 million in insurance premiums. According to insurance agency partnerships in 2017, the company had a revenue of about $ 98 million in 2016. The Renaissance Alliance offers members access to carriers, products, markets and management and marketing services that promise higher commissions and profitability.
Founder, president and CEO Bruce Cochrane said he has a special emphasis on forward-looking technology.
“In an era of deterioration, we see this as a strong endorsement of the long-term value proposition as an important player in the insurance sector of the Renaissance Alliance,” Cochrane said.
Founded in 2016, Long Arc has an “active ownership” philosophy in partnership with entrepreneurs and management teams. In October of last year, the majority sentiment in Paris-based trade credit Fintech Tinubu Square was about $ 61 million.
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