Mahwah, NJ (PRWEB) September 18, 2013
Capacity Coverage Company of New Jersey, Inc. (“Capacity Coverage”), a New Jersey based retail and wholesale insurance brokerage, and Dowling Capital Partners (“DCP”), a private equity firm focused on investing in insurance and related services and distribution companies, today announced that they have partnered to form Patriot Brokerage LLC (“Patriot”). Patriot will pursue a strategy of acquiring main-street retail insurance brokers in the Mid-Atlantic and Northeastern United States which predominantly focus on commercial lines accounts.
“We are delighted to announce the formation of Patriot,” said Jeff Cappel, Partner of DCP. “We believe that market forces continue to encourage consolidation among smaller retail commercial lines agencies and that Patriot will be well positioned to capitalize on the opportunities which become available. Carl Gerson and Matt Beizer, the Capacity Coverage executives who will be concentrating on Patriot, have extensive experience in this segment of the market.”
“Patriot has been formed to assist owners of retail agencies in solving a number of problems they face,” Gerson added. “These include age and succession issues, difficulties in amortizing agency costs over a large enough revenue base, a desire to focus more time on sales and less on administrative matters, and access to insurance markets.”
About Capacity Coverage Company
Capacity Coverage Company ("Capacity Coverage") is a full service specialty insurance and financial services organization headquartered in Mahwah, New Jersey with over 260 employees in 14 retail and wholesale offices. In addition to its “main street” business, Capacity Coverage has developed numerous wholesale and retail niche specialties, including transportation, marine, surety and bonding, hospitality, environmental, and employee benefits and financial services. Since its inception in 1990, Capacity Coverage has grown organically and through a series of acquisitions and strategic partnerships to become one of the largest full-service independent insurance brokerage groups in the nation. It is currently ranked the 42nd largest overall by Business Insurance and among the top 20 privately-held property/casualty agencies in the U.S. For additional information, please visit http://www.capcoverage.com.
About Dowling Capital Partners
DCP is a private equity fund that invests primarily in the insurance industry, including underwriters, distribution firms and service companies. Collectively, the management of DCP has over 80 years of senior level industry experience, including insurance-related private equity investment management, investment banking, industry research and operational and board-level roles within major insurance, reinsurance and brokerage companies. Formed in 2011, DCP’s financial partners include highly regarded insurance industry organizations and professionals. DCP provides its portfolio companies and co-investors with industry expertise, broad relationships and operating experience. The firm is based in Farmington, CT. For additional information, please visit http://www.dowlingcapitalpartners.com.
For additional information contact:
Carl Gerson (201) 661-2400 cgerson(at)patriotbroker.com
Matt Beizer (201) 661-2384 mbeizer(at)patriotbroker.com