NIF Group Inc. (NIF), a wholesale broker, program administrator and managing general agency, and its parent company JenCap Holdings LLC (JCH) have agreed to acquire privately held Agency Intermediaries Inc. and A.I.I. Insurance Brokerage of Mass. Inc. (A.I.I.).
Both affiliated entities serve as MGA/contract binding authorities and wholesale insurance brokerages, respectively located in Guilford, Conn., and East Douglas, Mass.
Agency Intermediaries Inc. was formed in 1980 by Ray Connors Sr. and Manja Connors. Erina Connors joined in 1983, focusing on the brokerage of excess and surplus lines. Since 1998, A.I.I. has been led by Erina Connors and Julie Sonier. Agency Intermediaries Inc. and A.I.I. Insurance Brokerage of Mass. Inc. serve independent agents in Connecticut and Massachusetts in placing excess/specialty lines business.
With offices located on the East and West coasts of the U.S., NIF has been serving agents and brokers since 1976. It was acquired by JenCap Holdings in December 2016.
Through the acquisition of A.I.I., NIF now expands its footprint in the Northeast with locations in Framingham, Mass., East Douglas, Mass., Guilford, Conn., and Warwick, R.I.
JenCap Holdings was formed in March 2016 by The Carlyle Group and JCH management to consolidate specialty insurance distribution businesses, including managing general agents, specialty program managers transactional wholesale brokers and captive managers.
The acquisition of Agency Intermediaries Inc. is the sixth such transaction by JCH, which is headquartered in New York, N.Y.
Source: NIF Group Inc.
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