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."
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