Posted on 02 Feb 2011
Breckenridge IS, Inc. has acquired a majority interest in REcentis Intermediaries, LLC, a specialty reinsurance broker with offices in Westlake Village, California and Sydney, Australia.
Tracey Carragher, Breckenridge CEO, said “The professionals at REcentis offer their clients direct access to the best expertise in the reinsurance markets. The REcentis business model focuses on finding cost-effective, innovative solutions to the most challenging specialty reinsurance problems in today’s competitive insurance environment.”
Brendan Roche, REcentis CEO, said “With Breckenridge we will be able to access a broad range of clients with specialty insurance needs that require a custom, individualized solution.”
REcentis has acknowledged expertise in energy, casualty and financial reinsurance. It has consulted, designed and executed reinsurance programs for risk retention groups, captives, program administrators and Fortune 500 companies. The company’s offices utilize top rated security in the United States, Australian, London and Bermuda markets.
James Fulgentis, REcentis president, said “Our partnership with Breckenridge is an exciting next step for the growth of REcentis and our clients.”
The company was founded in 2006 by Brendan Roche, former head of R.K. Carvill & Company’s West Coast operations, and REcentis President James Fulgentis, former executive vice president with Wachovia Securities. Roche, before joining Carvill was a partner and managing director of Minet Burn & Roche, the leading Australian reinsurance broker (and an affiliate of the St. Paul Companies). While at Wachovia, Fulgentis was responsible for West Coast municipal, government and corporate bond trading, and sales and portfolio management services.
For Breckenridge, the addition of reinsurance complements its current services in financial services, workers’ compensation, construction, public entity, transportation and alternative risk. Breckenridge IS, Inc. markets a full-range of property-casualty insurance solutions to brokers throughout the United States. With this acquisition, Breckenridge will have offices in 14 U.S. states plus Australia.
Breckenridge IS, Inc. is a specialty insurance underwriting manager, wholesale broker and insurance services company. Arsenal Capital Partners in New York City is a major investor in Breckenridge.