California-based EPIC Insurance Brokers and Consultants has bought New York-based specialty insurance intermediary Vanbridge for an undisclosed sum.
Vanbridge offer services at the intersection of the insurance, private equity and hedge fund sectors. The deal includes the transfer of assets and employees of Vanbridge to EPIC.
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EPIC CEO Peter Garvey said: “The team at Vanbridge has established their business as the innovative specialist serving the sophisticated needs of the alternative asset management industry.
“Having known Phil well for some time, I’m confident his strong relationships, depth of knowledge, and leadership, combined with our own expanding capabilities, will propel EPIC to a leadership position within this important segment.”
The combined entity will operate under the name Vanbridge – an EPIC Company.
Vanbridge managing principal and CEO Philip Moyles, Jr. said: “I believe that Vanbridge will be able to leverage the EPIC platform to expand its business on behalf of Alternative Asset Managers. I have known John Hahn and Pete Garvey for a long time and they understand what it takes to drive value for this clientele.”
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By GlobalDataA total of 45 Vanbridge employees will migrate to EPIC as part of the deal, with Vanbridge’s leadership team to hold key roles within the combined group.
Moyles will continue to sprearhead Vanbridge as part of EPIC and will serve as executive vice president. He will report to Garvey and also join EPIC’s executive committee.
