Los Angeles-based Venbrook Group LLC, a property and casualty broker, has closed $42 million in debt funding. The backer was New York Life subsidiary Madison Capital Funding.
Los Angeles, CA – October 20, 2016 – 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 Group, LLC is a leading independent property/casualty brokerage catering principally to middle market commercial clients throughout the U.S. Venbrook offers a diverse roster of products and services including retail and wholesale brokerage, program management, and risk management.
Venbrook is headquartered in Woodland Hills, CA with locations throughout the country.
For more information on Venbrook, visit http://www.venbrook.com.