Over 50% of AJG employees in office move to EPIC? Public brokers comp structure under fire across U.S...
Federal Court Sides with EPIC in Denying Arthur J. Gallagher's Motion Friday January 25, 4:04 pm ET - RULES THAT GALLAGHER HAS NOT SHOWN A "LIKELIHOOD OF SUCCESS" IN LAWSUIT -
SAN FRANCISCO--(BUSINESS WIRE)--Edgewood Partners Insurance (E.P.I.C.) today issued a statement in response to press inquiries following an important ruling by the federal court overseeing a lawsuit brought against upstart E.P.I.C. by Arthur J. Gallagher & Company (NYSE: AJG - News).
ADVERTISEMENT In denying Gallagher�s request for a temporary restraining order, the court stated it had �carefully examined the voluminous evidence� submitted by both parties and concluded that �Gallagher has not demonstrated a likelihood of success on the merits.� Specifically, the Court found that E.P.I.C. and its employees had �submitted substantial, credible evidence� that their conduct was proper. The Court then reiterated that �Gallagher has not shown that it has a reasonable certainty of prevailing at trial� and denied Gallagher�s request accordingly.
�We are extremely pleased with the court�s ruling and believe it supports our view that Gallagher�s claims are without merit,� said Co-Founders Dan Francis and John Hahn. �We are thrilled with the early successes of our company and believe the rapid growth of the E.P.I.C. team is indicative of the opportunity that exists for entrepreneurs in the industry.�
Privately held E.P.I.C. was founded by industry veterans Dan Francis and John Hahn who have a combined 60 years of industry experience. The company began operating in July 2007 and has quickly scaled its business in California. E.P.I.C.�s business model is different from other large insurance brokerages in that brokerage employees of the company are equity owners, not simply commissioned employees. The company expects to have revenues of approximately $50 million and 250 team members by the end of this year. E.P.I.C. currently has four offices in California (San Ramon, San Mateo, Sacramento, Orange County) and expects to open another four offices by the middle of next year.