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Edgewood Partners Insurance Center, a new California retail property and casualty and benefits insurance brokerage firm announced an agreement in principle has been reached with Calco Holdings Inc. to acquire Calco Insurance Brokers and Agents Inc. to serve as the initial operating platform to launch a statewide insurance brokerage firm.

Calco has revenue of approximately $13 million and maintains offices in three key areas of the state, including San Mateo, Orange and Sacramento. The company has a history of niche marketing through affinity groups, program business and trade organizations, including the American Electronics Association. Terms of the transaction were not disclosed.

Edgewood was formed by John G. Hahn and Dan F. Francis, along with Trident IV L.P., a private equity fund managed by Stone Point Capital. The company said it expects to add several additional operating platforms by year end.

Source: Edgewood

Topics Mergers & Acquisitions