J.C. Flowers acquires Italian insurance brokerage Caleas

J.C. Flowers & Co. (JCF), a private investment firm dedicated to investing in the financial services industry, has announced that investment vehicles affiliated with JCF (JCF Funds) have acquired Caleas Srl, a Milan-based insurance brokerage.

This acquisition is part of JCF’s ongoing strategy to consolidate its presence in the Italian insurance market.

The Caleas acquisition marks the fifth investment for JCF Funds in the Italian insurance sector since May 2025.

These acquisitions, including add-on investments, are an important part of JCF’s broader plan to create a significant presence in the country’s insurance space through a series of roll up acquisitions.

Founded in 1979 by Dr. Andrea Cardini and Carlo Lecchi, Caleas is a Corporate and SME focused insurance brokerage franchise in Milan offering a broad range of solutions for complex risks.

The company also provides home and life coverage as part of its bespoke offering for private clients.

Tughan Alioglu, Managing Director at JCF, said: “J.C. Flowers is committed to investing in best in class companies in the Italian insurance market. Caleas enjoys a long history of service and innovation and is highly respected in the marketplace.

“Its founders and their management teams have consistently demonstrated their ability to meet the specific insurance needs of a diverse and growing customer base, and we look forward to supporting the company’s continued growth.”

Caleas’ employees and clients will experience a seamless transition despite the change in ownership, according to Alioglu.

The JCF Funds will hold a majority ownership stake, while the company’s current management will maintain a minority interest.

Alessandro Lecchi, CEO of Caleas, commented: “J.C. Flowers is one of the leading global investors in financial services, and their recognition of the business our team has built over the years is extremely gratifying. We expect that there will be major commercial opportunities for us to capitalize on as we develop our business with the support of J.C. Flowers.”

JCF’s current Italian insurance investments include Consulbrokers and Enablia (formerly wefox MGA S.r.l. and wefox Services Italy Srl), as well as two of Consulbrokers’ recent acquisitions, Intermedia I. B. s.r.l and Etisicura s.r.l.