The Massachusetts-based insurance agency partnership organization Renaissance Alliance Insurance Services (RAIS) said it has received $30 million investment from Long Arc Capital to accelerate its expansion outside the New England region.
With this investment, the New York City-based private equity firm Long Arc takes a majority stake in Renaissance Alliance, while Bruce Cochrane and Janet Cochrane will continue in their executive leadership roles with the company.
The firms said that the equity capital increase will enable RAIS to pursue growth in states where the company already operates (Massachusetts, Connecticut, Vermont, New Hampshire, Rhode Island, and New York), expand into new regions, and expand the services it offers its members.
Founded in 1999, Renaissance Alliance is a membership alliance for independent agencies specializing in property/casualty insurance. Renaissance Alliance reports it currently has more than 80 members in the New England region collectively selling $600 million premium of insurance. According to Insurance Journal’s 2017 ranking of insurance agency partnerships, the organization had about $98 million in revenue in 2016. Renaissance Alliance offers members access to carriers, products, markets and management and marketing services that promise higher commissions and profitability.
Bruce Cochrane, founder, president and CEO, said he sees particular emphasis on technology going forward.
“In an era of disruption, we view this as a strong endorsement of the long-term value proposition of Renaissance Alliance as a key player in the insurance industry,” Cochrane said.
Founded in 2016, Long Arc has a philosophy of “active ownership” in partnering with entrepreneurs and management teams. Last October it took a majority stake in Paris-based trade credit fintech Tinubu Square for about $61 million.
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