Oct. 16 (Bloomberg) -- Edgewood Partners Holdings LLC, a property and casualty insurance broker backed by Stone Point Capital LLC, is exploring a sale, said people familiar with matter.
Edgewood is working with Bank of America Corp. to solicit offers, according to the people, who asked not to be named because the process is private. The San Mateo, California-based company, which operates under the Epic brand, may fetch as much as $200 million, one person said.
A sale of Edgewood would add to the more than $6 billion in U.S. insurance broker takeovers in 2013, more than triple the amount in the same period a year earlier. Apax Partners LLP, for example, closed the sale this month of broker Hub International Ltd. to Hellman & Friedman LLC for $4.4 billion.
John Yiannacopoulos, a spokesman for Bank of America, declined to comment. Nicolas Zerbib, a senior principal with Stone Point, and Dan Francis, Edgewood’s chief executive officer, didn’t return calls seeking comment.
Stone Point, a Greenwich, Connecticut-based firm focused on investments in the financial-services industry, first invested in Edgewood in 2007, according to Stone Point’s website. Edgewood has 12 offices and generates more than $80 million in annual revenue, its website shows. Its goal is to more than double revenue in five years and to expand nationwide.
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