Press Release Archive
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2017Welcome Lee Exton, Managing Director of Employee Benefits
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2016Venbrook Group, LLC Secures $42M from Madison Capital Funding
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Venbrook targets wholesale expansion after fundraise.
Venbrook Group Names Gig Palmer as New Chief Financial Officer
Venbrook Group, LLC Secures $42M from Madison Capital Funding
New financing to fuel acquisition strategy; Company also announces the purchase of Brooks Insurance Group
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."
Venbrook Insurance Services is a national leader in insurance, reinsurance, and risk brokering and management solutions. We cater to a national client base across myriad industries with divergent needs. Our team of experts and industry specialists’ partner with our clients to manage their risks, create security, promote growth and add value by delivering best-in-class insurance products and programs. Venbrook is committed to ongoing product innovation, market agility, and strength in our partnerships for risk management solutions that allow you to focus on driving your business forward.
Venbrook is headquartered in Woodland Hills, CA with locations throughout the country. For more information on Venbrook, visit us at www.venbrook.com or (818) 598-8900.
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