The deal, which included the sale of Quaker Agency T/A Quaker Special Risk, and Quaker Insurance Agency of Massachusetts to JenCap, marks the firm’s tenth acquisition since its founding. It makes it one of the largest specialty insurance distribution platforms in the US.

Quaker, founded in 1960, has offices in New Jersey, Massachusetts, Florida and North Carolina. Aside from being a program administrator, the firm is a commercial and personal lines wholesaler and a managing general agent.

“The Quaker team has assembled a company offering a broad range of property and casualty programs and wholesale brokerage capabilities to retail brokers and agents, with a strong presence in both commercial and personal lines,” said JenCap president and CEO John Jennings.

“I’m very proud of the company we’ve built over the last 60 years and believe Quaker will immediately become a key strategic component of JenCap’s national platform,” commented Quaker co-founder and president Frank Walsh.

Meanwhile, Quaker co-founder and Quaker Insurance Agency of Massachusetts CEO Karin Branscombe added that the acquisition was “exciting” for an “evolving business.”

“The partnership with JenCap gives us greater opportunity to expand the best-in-class solutions we offer our clients,” concluded Branscombe.