WTW has entered a definitive agreement to buy Italian managing general agent (MGA) AIMUW.
The deal consideration was not made public.
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UK-based WTW, an insurance broking and advisory services provider, said the deal forms part of efforts bolster its wholesale business in Italy.
As a specialty MGA, AIMUW brings expertise across various sectors such as professional services, the public sector and agricultural.
Founded in 2018 by Italian entrepreneur Aldo Iaquinta, the company has 40 employees. It is based in Rome and also has offices in Milan and Lecce.
WTW said Iaquinta has a strong general agency background and 25 years of experience in the insurance market.
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By GlobalDataUpon deal completion, AIMUW will continue to operate independently under its existing brand.
WTW head of the Mediterranean region for corporate risk and broking Gianmarco Tosti said: “This is an exciting time for our business in Italy and we are thrilled that Aldo and the AIMUW team will be joining us. They have solid and long-lasting relationships within the market and valuable experience in high-potential sectors.
“Our aim is to build on AIMUW’s existing strong foundation and create a best-in-class MGA in Italy. We will continue developing innovative risk structures and specialist solutions for our clients, and AIMUW is a key part of that strategy.”
AIMUW CEO and founder Aldo Iaquinta said: “The entire AIMUW team and I are thrilled to join forces with WTW, a distinguished and leading player in the Italian market.
“WTW’s exceptional capabilities, skills and data-driven approach provide the ideal platform for accelerating the growth trajectory of AIMUW, creating a strategic partnership aiming to achieve mutual success.”
The acquisition is anticipated to close in January 2024.
Last month, WTW launched an excess layer director and officers’ insurance solution and Asia-Pacific Climate Risk Centre in Singapore.
