The Carlyle Group has agreed to buy a majority stake in Edgewood Partners Insurance Center.
The deal should allow Edgewood, a retail property, casualty and employee benefits agency, to grow and make strategic acquisitions. Terms of the deal were not disclosed.
Carlyle is investing through Carlyle Global Financial Services Partners LP and Carlyle Global Financial Services Partners II LP.
Carlyle is an alternative asset manager based in Washington D.C. The firm has $185 billion in assets under management through 122 funds and 81 fund of funds.
Other recent insurance buys include Axa’s purchase of a majority stake in Colpatria Segurosfor $346 million, and Confie Seguros’ deal for three New York insurers.