PRESS RELEASE
EPIC Announces Acquisition of VRT Insurance Services, Inc.
San Francisco, Calif. (Jan. 30, 2009) – On the heels of its recent acquisition of an Orange County based insurance brokerage, E.P.I.C (Edgewood Partners Insurance Center) today announced it has entered into an agreement to acquire substantially all the assets of VRT Insurance Services, Inc. EPIC is a retail property, casualty and employee benefits insurance brokerage with seven offices throughout California.
VRT Insurance Services, Inc., is owned by, David Alvarado, its key producers, and Belvedere Capital, a private equity firm based in San Francisco. The transaction is expected to close in early February, 2009.
VRT, established in 2007, is led by founder and CEO, David Alvarado. The firm currently has offices in Oakland and Rancho Cordova, and specializes in complex property, casualty, and employee benefits insurance for construction, real estate, information technology, and municipalities.
“VRT is an excellent fit with EPIC on a number of levels,” said Dan Francis, co-founder of EPIC “It is an organization with outstanding insurance professionals and an entrepreneurial leader in David Alvarado. We are very pleased Dave, his team and Belvedere Capital have chosen to become part of EPIC as we continue to build our brokerage platform statewide.”
The acquisition expands EPIC’s market presence in construction, contracting, public entity, employee benefits and other industries.
“VRT and EPIC were both formed to provide platforms for innovative and entrepreneurial brokers to deliver superior client service,” commented Alvarado. “Our organizations have alignment in principles and core values; we both recognize the importance of employee ownership. Together we substantially further our ability to attract talented brokers who share our beliefs, which ultimately translates into superior customer service.”
“We are pleased that VRT is joining forces with EPIC,” said Richard Decker, chairman and co-founder of Belvedere Capital. “The combination of VRT and E.P.I.C will enhance its construction expertise. We are impressed with the fit between VRT’s and E.P.I.C’s core values. We are confident that customers and employees will be pleased.
EPIC was launched in 2007 by former president and CEO of ABD Insurance, Dan Francis and John Hahn, former president of BISYS Commercial Insurance Services, Inc. They have opened seven offices throughout the state of California since the firm’s launch.
Recognized by the San Francisco Business Times as #1 in its division for the top 100 “Best Places to Work in the Bay Area,” EPIC has built its corporate culture on mutual respect, teamwork, communication and employee autonomy. EPIC also provides its employees with a unique equity ownership opportunity that fosters a high level of employee loyalty and customer service.
PR Contact
Dave Hock
(650) 295-4608
dhock@edgewoodins.com
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