Specialty insurance products distributor Amwins Group has agreed to take over US-based wholesale insurance broker Worldwide Facilities.
The merged entity will have more than 155 offices across the US, staff strength of over 6,151 and over $24bn in premium annually.
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The deal, whose financial terms were not revealed, is said to strengthen Amwins’ position as the industry’s largest and most diversified specialty distribution company.
As part of the deal, Amwins will absorb the Worldwide team headed by CEO Davis Moore and make it part of its leadership team.
Moore said: “Our organisations complement each other very well from a culture and business philosophy perspective.
“Together, we can use our scale to continue to invest in people, technology, product and tools to deliver specialised solutions to our retail clients.”
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By GlobalDataAmwins said that the acquisition will help Worldwide clients gain access to a wider range of markets, products and tools.
The expand scale of Amwins is said to help the firm make additional investment in people, technology and analytical tools. The deal is slated to complete next month.
Worldwide is currently the fourth-largest wholesale broker in the US. The purchase of the firm is said to expand Amwins’ reach, mainly on the west coast, as well as deepen its specialty capabilities and.
Amwins CEO Scott Purviance calls the deal a “watershed moment” for the firm and also for the specialty distribution segment as a whole.
Purviance noted: “Since the beginning, we’ve believed that scale and specialisation are key to delivering for our clients. Over the last 19 years, we’ve been able to build an organisation that stands out amongst the competition.
“With the addition of Worldwide to the Amwins family we are partnering with a very talented group of brokers and underwriters. Worldwide has a very similar culture to Amwins and has a significant employee ownership base. The combined firm will have over 1,025 employee shareholders owning 43% of the business.”
Last December, Amwins agreed to buy Bermuda-based P&C wholesale insurance/reinsurance broker International Specialty Brokers (ISBL).
