Aquiline launches TPA and managed care providers platform with trio of boutique firms

By David Bull

May 12 - (The Insurer) - Insurance industry-focused PE firm Aquiline has formed a new platform called Avondale Risk to bring together specialist workers’ compensation, liability and managed-care third-party administrators (TPAs) and service providers.

In a statement, New York-based Aquiline said the platform is designed to “unite regional firms from across the country”, signalling a consolidation drive in the segment.

“By joining Avondale Risk, these firms can maintain their boutique service models while gaining access to enterprise-grade resources, including innovative technology, strategic capital, and shared expert operational support.

“The result will be stronger outcomes for clients and a national platform with local expertise at its core,” it added.

The first three firms signed up to the platform, Intercare, Intermed and George Hills, are all California-based and bring “deep specialisation” in workers’ compensation, liability and managed care, with “long-standing reputations for service, results, and client partnership”, said the Aquiline statement.

It described that platform’s purpose to “build something greater than any single firm without compromising the values, identity, relationships, and specialization that define a boutique model”.

The companies joining the platform will be able to maintain their boutique services model while accessing “innovative” technology, strategic capital and shared expert operational support.

Lowell Hays, most recently president of construction-focused broker and MGA Maverick, has been appointed CEO of Avondale Risk.

Intercare and InterMed CEO Agnes Hoeberling said joining Avondale Risk would allow the companies to maintain their boutique culture and client relationships “while gaining the scale and tools to drive even better outcomes”.

“This partnership gives us the best of both worlds,” she said.

George Hills CEO John Chaquica added: “Together, we now have one of the largest and most experienced teams of California-based risk professionals in the industry, and a centre of excellence serving Public Entity clients. That’s a major advantage for our clients, and just the beginning of what’s possible with Avondale.”

Aquiline principal Matthew Woeste said the PE firm sees a “significant opportunity” to support Avondale’s growth with “capital, experience and access to our strategic relationships with insurance brokers and carriers”.

Hays commented: “Intercare, InterMed, and George Hills are exceptional firms with track records of excellence. We’re building a platform that honors their strengths while unlocking new growth through collaboration, innovation, and investment.”

MarshBerry was exclusive financial advisor to Intercare and its affiliates in the transaction.