Chicago-based private equity investment firm Frontenac Co. LLC announced that it has acquired a majority interest in WNC Insurance Services, based in South Pasadena, Calif. WNC, a managing general underwriter (MGU), is a leading provider of both lender-placed and voluntary property/casualty insurance for financial institutions. As a managing general underwriter, WNC acts as a distribution partner for its insurance carriers.
Consistent with Frontenac’s investment strategy, it is partnering with the industry’s most experienced management team. Carl Herrmann Jr. and Carl Herrmann III, WNC chairman and COO respectively, will retain a significant ownership stake and maintain their executive roles within the company.
The Herrmanns will be joined by Richard Riley and Robert Goss, both formerly of Aon Group. Riley, who at the closing became chief executive officer of WNC, was previously chairman and chief executive officer of Aon Risk Services of the Americas, while Goss, who will serve as chief financial officer of WNC, was CFO of Aon Risk Services. Frontenac is providing the majority of the equity, with PPM America, SE Capital LLC, Riley, and Goss joining Frontenac as equity investors. ING Capital LLC will serve as arranger and senior lender for the transaction.
Frontenac agreed early last year to buy Chicago-based Near North Insurance Brokerage Inc. before backing out for unspecified reasons.
Topics California Mergers & Acquisitions Insurance Wholesale
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