New York-based JenCap Holdings LLC has acquired privately held M. J. Kelly Co. (MJK), a managing general agency and wholesale insurance brokerage based in Springfield, Missouri, with offices in nine states throughout the Midwest and Southeast.
Since 1986, MJK has been owned and operated by Jim Adams who was joined by his sons Jon and Paul in 1987 and 1989, respectively. Today the agency places business with more than 200 admitted and non-admitted markets through more than 5,000 independent agents in 26 states.
In conjunction with the transaction, Jon Adams will move into the position of president of MJK and Paul will take on the responsibility of branch manager of the Springfield office. Jim Adams will remain in an advisory capacity.
JenCap Holdings (JCH) was formed by The Carlyle Group and JCH management in March 2016 to consolidate specialty insurance distribution businesses, including managing general agents, program managers and transactional wholesale brokers. The acquisition of MJK is the third transaction by JCH since March.
PhiloSmith & Co. provided financial advice to M. J. Kelly Co.