SOUTHBOROUGH, Mass., January 4, 2022– (COMMERCIAL THREAD) – Renaissance Alliance, the agency’s growth engine, acquired Agency Network Exchange (ANE) and United Valley Insurance Services in separate transactions, adding the two organizations to its first network of independent insurance agencies.
The two acquired networks collectively represent $ 2.4 billion in premiums and are key additions to Renaissance Alliance’s national growth strategy.
With these deals in place, all 60 ANE member agencies and 92 United Valley member agencies are now part of the Renaissance National Member Alliance, which now includes 273 independent agencies representing $ 3.6 billion in premiums. ANE and United Valley will continue to operate under their current brands and with their current leadership in place.
Renaissance currently represents independent agencies in Connecticut, Florida, Georgia, Massachusetts, New Hampshire, New York State, Rhode Island and Vermont. These new transactions add the strength of agencies in Arizona, California, New Jersey and Pennsylvania to its growing footprint.
“The addition of ANE and United Valley will help Renaissance deliver more value to all of our member agencies, further demonstrating our commitment to helping them grow,” said Kevin Callahan, President and CEO of Renaissance Alliance. “Our overall strategy is focused on building the capacity of our member agencies and providing them with everything they need to better serve their clients. Together, we will help our members improve their profitability while maintaining their independence.
“We acquired Renaissance in 2018 and over the past three years we have invested heavily in talent, operations and services to deliver cutting edge product to our member agents,” said Gaurav Bhandari, Managing Partner of Long Arc Capital. “With the basic infrastructure now in place, we are delighted to further develop the business through these two acquisitions which will not only give us a presence in important markets in the mid-Atlantic and western United States. United, but also, given our aggregate premium, will give us a scale to further improve the value proposition for our member agents. “
ANE, founded in 2009 by two New Jersey-based agencies, then expanded into Pennsylvania and New York and became one of the fastest growing independent agency networks in the United States. Today, it represents $ 1.4 billion in premiums among its members.
“Renaissance shares our vision to help independent agencies thrive in a rapidly changing industry,” said Elizabeth Schenk, CEO of Agency Network Exchange. “Our combined premium line in the Northeast United States provides an opportunity to better align with our strategic carrier partners. We join an organization that strengthens our position as we continually advocate for the members of our agencies. “
Based in Fresno, California, United Valley Insurance Services was founded in 1983 as a local network of Central Valley insurance agencies with seven member agencies. Today, its consolidated agency members in California and Arizona represent $ 1 billion in total written premiums with more than 60 shared carriers.
“We are delighted to partner with an organization that is fully focused on agency growth and providing maximum benefits to its members,” said Rene Swan, President of United Valley Insurance Services. “These motivations have always been the driving force behind United Valley’s service to our member agencies, and we look forward to enhancing the value we provide to them as a member of the Renaissance family.”
Almost 30 new independent agencies joined Renaissance Alliance in 2021. There are no entry or exit fees for its member agencies, all of which remain 100% independently owned and operated as they leverage a full range of products, technologies and services provided to help them grow. As a result, Renaissance member agencies grow 2-4 times the average rate.
About Renaissance Alliance:
Renaissance Alliance, a portfolio company of Long Arc Capital, works with independent property & casualty agency owners to increase premiums, maximize revenue, and increase agency value through increased profit sharing, guaranteed replacement revenue and unloading of non-income generating activities. The net effect is increased revenues, decreased expenses, less operational risk and accelerated agency growth. Learn more at renaissanceins.com.
About Long Arc Capital:
Capital of the Long Arc is a New York-based private equity firm dedicated to building and scaling cutting-edge technology and technology-based businesses. Founded in 2016, Long Arc has six partners with over 150 years of investment and operating experience. The company has a philosophy of “active ownership”, partnering with entrepreneurs and management teams by leveraging a full range of resources that advance human capital, strategic development, product development, technology and financial strengths of its portfolio companies, successfully driving their profitable growth.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220104005879/en/