JenCap swings into London market with Worldwide Hole ‘N One acquisition
JenCap has announced the acquisition of Lloyd’s specialty coverholder Worldwide Hole ‘N One, marking the MGA’s entry into the London market and another step forward in its consolidation plans.
With the transaction, JenCap is expanding its coverage into events and other specialty contingency products. Terms of the takeover were not disclosed.
Hole ‘N One, through its primary brand Worldwide Specialty Risks (WWSR), has provided coverage on live events including cancellation, non-appearance, and event property and liability, as well as other lines such as film and media, prize indemnity and accident and health.
“It is important that Jencap has operations in London, a most important marketplace for complex and specialty insurance,” said John Jennings, JenCap’s chief executive, in a statement.
“We’re excited with the prospects for underwriting and distribution of more products ahead and the benefit it will provide to our partners and clients,” he added.
This is JenCap’s second acquisition in the last seven months. Earlier this year, the company bought Pacific Coast E&S Insurance Services (PCES), a specialty insurance intermediary, in a transaction aimed at expanding its operations in the west.
Hole ‘N One, which has operated more than 25 years in London, was sold in October 2020 as part of Distinguished Programs’ divestments.
About nine months later, the MGA controlled by managing director Jon Wilkinson is being sold in a move to help enhance its services.
Wilkinson said: “Everyone at Worldwide is excited about the next chapter that the Jencap acquisition delivers. The last year has seen unprecedented and ongoing disruption to the contingency market, and this new partnership will provide great stability and support. “
JenCap, one of Galway Insurance’s subsidiaries, now expects to consolidate in the live events niche with this transaction.
“Now that we are once again able to enjoy live music, sports and other large group gatherings, we’re thrilled to be part of enabling those events to take place,” said Peter Garvey, Galway’s vice chairman.
“With Jon and his team at WWSR joining existing Jencap facilities, we will play a big part in expanding desperately needed capacity for our distribution partners and clients,” he added.