J.C. Flowers & Co. (JCF), a private equity investment firm
that focuses on financial services investments, announced that investment vehicles affiliated with JCF — JCF Funds — have acquired Caleas Srl in Italy.
The acquisition of Caleas by affiliates of JCF marks JCF Funds’ fifth investment in the Italian insurance sector s
ince May 2025, including add-on investments, which are part of JCF’s plan for a roll up in the Italian insurance space
. (Roll-up mergers combine multiple small companies to form a larger entity).
Financial details of the deal were not disclosed.
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 c
omplex risks. The company also provides home and life coverage as part of its bespoke offering for private clients.
“J.C. Flowers is committed to investing in best-in-class companies in the Italian insurance market,” said Tughan Alioglu, managing director at JCF, in a statement. “C
aleas enjoys a long history of service and innovation and is highly respected in the marketplace. Its fou
nders and their management teams have consistently demonstrated their ability to meet the specific insuranc
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e needs of a diverse and growing customer base, and we look forward to supporting the company’s continued growth.”
Alioglu said the change in ownership will be seamless for Caleas’ employees and clients. The company’s manag
ement will continue to retain a minority ownership stake alongside the JCF Funds.
“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,” commented Alessandro Lecchi, CEO of Caleas.