LOS ANGELES, California, Oct. 20, 2016 /PRNewswire/ -- Venbrook Group, LLC, one of the largest independent property /casualty brokerages in the U.S., today announced the completion of a $42 million debt capital raise from Madison Capital Funding, a subsidiary of New York Life. A portion of the proceeds from the funding were used to acquire Manalapan, New Jersey-based wholesaler Brooks Insurance Group.
"The simultaneous completion of this debt capital raise and our acquisition of Brooks Insurance Group represent exciting next steps in our company's evolution," said Venbrook President and Chief Executive Officer, Jason Turner. "Madison Capital Funding provided us with the financial capital we need to strategically grow our business. Through the acquisition of Brooks Insurance Group, we have partnered with a top-tier team of seasoned insurance professionals with deep and longstanding relationships in its core northeastern market. We couldn't be more thrilled with both of these transactions."
Brooks Insurance Group was founded in 1991 by Claudia and David Rosen, both of whom will remain with Brooks and serve as senior members of the Venbrook management team.
"When we were reviewing offers, we made the decision not just on the numbers, but because Jason shares our entrepreneurial culture and vision," said David Rosen. "I knew with Venbrook our employees could realize their full potential."
About Venbrook®
Venbrook Group, LLC is a holdings company with subsidiaries engaged in retail broking, wholesale broking, programs, and claims services. Venbrook caters to a national client base across myriad industries with divergent needs. Venbrook's team of experts and industry specialists' partner with their clients to manage their risks, create security, promote growth and add value by delivering best-in-class insurance products and programs.
Venbrook continues to build partnerships to expand its insurance platform while continuing to invest in its infrastructure and talent. Venbrook is headquartered in Los Angeles with various locations across the country. For more information, please visit www.venbrook.com.
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