UK hole-in-one insurance specialist WorldWide Hole ‘N One (WHNO) has been acquired by New York-headquartered wholesale broker Jencap Group for an undisclosed sum.
The Lloyd’s coverholder – which is based in St Albans with an underwriting office in the Lloyd’s building in London – started out as a niche provider but now underwrites an array of contingency insurance products. WHNO’s WorldWide Special Risks (WWSR) division provides prize insurance and event insurance.
“Everyone at WorldWide is excited about the next chapter that the Jencap acquisition delivers,” said WWSR managing director Jon Wilkinson. “The last year has seen unprecedented and ongoing disruption to the contingency market, and this new partnership will provide great stability and support.
“It will also enable us to enhance the products and services we offer, and provides a strong platform for additional growth.”
WHNO came to life in 1996, with an initial focus on providing a hole-in-one tournament package to the corporate golf market. Its event insurance unit WWSR was launched in 2002.
Commenting on the swoop, Jencap chief executive John Jennings said: “It is important that Jencap has operations in London, a most important marketplace for complex and specialty insurance.
“I’ve gotten to know Jon Wilkinson and his business, and can’t think of a better platform or business line to start with than event and other specialty contingency products. We’re excited with the prospects for underwriting and distribution of more products ahead and the benefit it will provide to our partners and clients.”