AmWINS acquires US specialty insurance broker Partners
US-based global insurance distributor AmWINS Group has signed a definitive agreement to acquire wholesale brokerage firm Partners Specialty Group.
According to the company, the deal will create a specialty insurance distribution firm with more than $14 billion in annual premiums. Partners will become part of the AmWINS' brokerage division and will add product expertise and an expanded geographic presence.
Partners, a specialty insurance broker founded in 1999 by Dan McDonnell, placed approximately $500 million gross premium in 2016.
The acquisition is expected to be completed within next two months. AmWINS said that the deal further reinforces its strategy to provide specialised products and diverse capabilities centred on insurance distribution and services.
"We are gratified and excited to partner with Dan, Maureen Caviston and the entire Partners team," says M Steven DeCarlo, CEO of AmWINS. "Not only does this combination strengthen our geographic footprint, but more importantly, both firms share very similar entrepreneurial cultures centered on putting clients first with broad-based employee equity ownership."
Partners CEO McDonnell commented: "Partnering with AmWINS allows us to continue providing our clients with the service they have come to expect while expanding our capabilities with AmWINS’ exclusive products, actuarial, catastrophe modeling and analytical tools."
Today’s top stories
WR Berkley taps Goldman Sachs exec for insurtech investment role
AIG estimates $100m Ogden charge in Q1 results
Profits almost triple at R&Q as growth and acquisitions hit bottom line
Shareholders' funds grow but profits dip across industry in 2016
Pioneer adds new hires from XL Catlin and USLI to miscellaneous E&O unit
XL Catlin expands terrorism insurance cover in US
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Interested in insurtech? We have just launched a dedicated monthly email, sign up here to get the next one.
