PRESS RELEASE
E.P.I.C. Announces Agreement to Acquire Calco Insurance Agents and Brokers, Inc.
San Mateo, California – June 2007 – Edgewood Partners Insurance Center (E.P.I.C.) a new California retail property and casualty and benefits insurance brokerage firm formed by John G. Hahn and Dan R. Francis, along with Trident IV, L.P., a private equity fund managed by Stone Point Capital, announced today that an agreement in principle has been reached with Calco Holdings, Inc. to acquire Calco Insurance Brokers and Agents, Inc.(“Calco”) to serve as the initial operating platform to launch a statewide insurance brokerage firm. Calco, with revenue of approximately $13 million, maintains offices in three key areas of the state, including San Mateo, Orange and Sacramento. Terms of the transaction were not disclosed. E.P.I.C. expects to add several additional operating platforms by year end.
Calco, formed in 1937 is one of the oldest insurance brokers in the state of California. The company has a long history of niche marketing through affinity groups, program business and trade organizations, including the American Electronics Association.
Dan Ryan, Calco’s President and a 22 year employee commented, “What a great opportunity for the Calco team to become a part of the most exciting new brokerage formed in California in the last 20 years. It’s like having the best of all worlds – the entrepreneurial drive of a new company, the financial backing of a leading insurance investor and established business relationships with clients, employees and markets that Calco currently enjoys, and the leadership that both John and Dan bring to any organization. We couldn’t be more pleased.”
Co-founder Dan Francis, who spent nearly 10 years at Calco starting in 1979, said “It’s like old home week. Our fresh approach to the business – along with the solid team at Calco – will provide clients with a renewed value proposition. This acquisition provides us with an immediate foundation to attract and hire quality people.”
Nancy Hahn, who recently joined Edgewood Partners Insurance Center as a senior executive leading strategic sales development also spent eight years at Calco. “I am excited about joining the E.P.I.C. team. It will be fun going back to my roots at Calco and being a part of building a new entrepreneurial culture that will bring a significant edge to our clients.”
Stone Point Capital is a global private equity firm that manages the Trident Funds and has raised more than $8 billion in committed capital to make investments in the global insurance and financial services industries.
Edgewood Partners Insurance Center is a new California retail property and casualty and benefits insurance brokerage firm formed by John G. Hahn and Dan R. Francis, along with Trident IV, L.P., a private equity fund managed by Stone Point Capital. E.P.I.C. recently acquired Calco Insurance Brokers and Agents, Inc. (“Calco”). This acquisition will serve as the initial strategic platform to launch a statewide insurance brokerage firm in three key areas of California, with offices in Orange County, Sacramento, San Mateo, and San Ramon.
PR Contact
There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction.
