EPIC Insurance Brokers & Consultants’ latest acquisition has brought together two of the most senior Marsh executives from the Jeff Greenberg era.
Yesterday, Californian-headquartered EPIC acquired the assets and operations of Vanbridge LLC, a New York based broker which specialises in the private equity and alternative investor space.
EPIC’s brokerage arm is headed by Pete Garvey, the former Marsh North America CEO who went on to co-lead Integro, the broker formed by the late Bob Clements (founder of MMC Capital) in 2005.
Garvey will now be reacquainted with Phil Moyles, the former Marsh executive vice president who has long specialised in building Insurance program partnerships with private equity firms, using their wide array of different assets to leverage better terms with carriers.
Established in 2014 from the evolution of Moyles’ private equity and insurance brokerage Sharebridge, Vanguard employs 45 peoples and focuses on “risk related issues utilising Insurance and alternative capital” on behalf of alternative asset management firms and family wealth offices.
Moyles - who will continue to lead the Vanbridge operations - will also become an EPIC executive vice president and a member of EPIC’s executive committee.
EPIC is itself majority owned by private equity in the form of Oak Hill Capital Partners which has backed the group’s strategy of expansion by select M&A.
As a consequence, EPIC has grown to become the fifteenth-largest US retail insurance broker since its formation in 2007 and claims run-rate revenues of $400mn when recently acquired businesses are included. Garvey joined the firm in 2014 initially as COO before becoming CEO of its retail operations.
Garvey and Moyles were once both senior lieutenants at Marsh when the powerhouse firm was led by Jeff Greenberg, the founder of industry PE firm Aquiline Capital Partners.
When Marsh became caught in the cross-hairs of the now-disgraced former New York Attorney-General Eliot Spitzer in 2004, it led to a flurry of exits among the upper echelons of the firm’s management.
In addition to Greenberg - who formed Aquiline in 2005 with former Travelers senior executive Chris Watson - Garvey and Moyles, other departures included Roger Egan, who established Integro with Garvey in 2005, and Bill Malloy, the former Marsh president.
As a consequence of the Spitzer onslaught, Marsh had to rebuild and - until the arrival of Brian Duperreault in 2008 - the heavyweight was so vulnerable that smaller rival Willis even approached the firm at least once with a takeover offer. Under Duperreault and his successor Dan Glaser however, the group has returned to its former strengths in the past decade.
Malloy has recently returned to the front line of the US industry with a position at fast-expanding US retailer Acrisure while Egan was parachuted into Dallas-headquartered US Risk following its 2016 acquisition by PE firm KKR.
In a statement, Garvey welcomed reuniting with his former colleague.
“Having known Phil well for some time, I’m confident his strong relationships, depth of knowledge, and leadership, combined with our own expanding capabilities, will propel EPIC to a leadership position within this important segment.”