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NEWS
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Stone Point Capital together with John Hahn and Dan Francis commit up to $100 million to build a new California insurance brokerage firm Trident IV, L.P., a private equity fund managed by Stone Point Capital, announced today that it, along with John G. Hahn and Dan R. Francis, have committed to invest up to $100 million to form Edgewood Partners Insurance Center (“Edgewood Partners”), a new retail property/casualty and employee benefits insurance brokerage firm in the state of California. The firm will have a unique investment structure that provides key employees, producers, acquired principals and executive management the opportunity to hold significant equity ownership stakes in the firm. Edgewood Partners will be led in partnership by John G. Hahn and Dan R. Francis, two proven insurance brokerage executives with more than 50 years of combined industry experience. Mr. Hahn built Tri-City Brokerage, one of the nation’s leading independent wholesale brokers before its sale to BISYS, and will leave his current position as president of BISYS Commercial Insurance Services effective June 30, 2007. Mr. Francis spent the last ten years in several key executive positions, including most recently as CEO, of ABD Insurance Services, Inc., a wholly-owned subsidiary of Greater Bay Bank Corp. During his tenure, ABD’s revenues increased from $30 million to over $175 million and ABD became the fourteenth largest retail insurance broker in the U.S. Edgewood Partners expects to close its initial platform acquisition by June 30th and begin operations throughout the state of California immediately thereafter. Charles A. Davis, the CEO of Stone Point Capital, said, “We are delighted to partner with John Hahn and Dan Francis in this new venture. We believe there is a unique opportunity in the brokerage space in California to build a retail operation that aligns the interests of shareholders with those of producers and management.”
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