WELLESLEY, Mass.--(BUSINESS WIRE)--Renaissance Alliance Insurance Services (RAIS), a leading insurance distribution platform supporting the growth of independent insurance agencies, announces the investment of $30 million from Long Arc Capital to accelerate its expansion outside the New England region and to deliver additional services and technologies to its member agents in order to accelerate their growth and profitability. With this investment, NYC-based private equity firm Long Arc takes a majority stake in Renaissance Alliance, while CEO and COO Bruce Cochrane and Janet Cochrane continue in their executive leadership roles with the company.
The equity capital increase will enable RAIS to pursue growth in states where the company already operates (Massachusetts, Connecticut, Vermont, New Hampshire, Rhode Island, and New York), expand into new regions, and expand the services it offers its members.
Bruce Cochrane, founder and President/CEO said: “Long Arc’s significant investment in Renaissance Alliance will help to propel our growth, particularly in the technology arena. Long Arc and Renaissance Alliance have highly aligned values and a shared vision for the success of independent property and casualty insurance agencies. In an era of disruption, we view this as a strong endorsement of the long-term value proposition of Renaissance Alliance as a key player in the insurance industry.”
Kevin Callahan, Executive Chairman of Renaissance Alliance, and Advisory Partner of Long Arc Capital said: “RAIS offers independent agencies a unique value proposition - capabilities that drive growth, allow agencies to focus on client facing activities, and the benefits of scale. This investment will further enable RAIS to help agency members deliver a world class experience to their insured clients.”
Gaurav Bhandari, Managing Partner of Long Arc Capital commented: “We have great respect for business services platforms like Renaissance Alliance that are market leaders in their verticals. The team at Renaissance Alliance has been an innovator in the insurance alliance business model and has the potential to become the pre-eminent agent centric organization for distribution of property & casualty insurance in the country.”
About Long Arc Capital
Long Arc Capital LP (“Long Arc”) is a private equity firm based in New York dedicated to building and scaling breakthrough businesses. Founded in 2016, Long Arc has six Partners with significant investing and operating experience. The firm has a philosophy of “active ownership” and partners with entrepreneurs and management teams to build successful businesses.
About Renaissance Alliance
Founded in 1999, Renaissance Alliance is a membership alliance for independent agencies specialized in property and casualty insurance. Currently, Renaissance Alliance has over 80 members in the New England region collectively selling $600M premium of insurance. Renaissance Alliance provides its members with higher commissions, access to more carriers, products, and markets, and a set of services that lead to higher growth and profitability. For more information: www.renaissanceins.com