AmWINS expands in Bermuda with International Specialty Brokers acquisition
US wholesale distributor of specialty insurance AmWINS Group has signed a definitive agreement to acquire International Specialty Brokers (ISBL), a Bermuda-based P&C wholesale re/insurance broker.
ISBL will join AmWINS Brokerage and become AmWINS Bermuda starting January 1, 2021.
AmWINS expects the acquisition to enhance its access to the international marketplace and complement the product range offered by the AmWINS Alternative Risk team, including catastrophic natural disasters, emerging risks and non-peril specific revenue protections.
Scott Purviance, AmWINS' chief executive officer, said: “We are excited to partner with Alan Waring, Alan Mooney and the entire ISBL team. With their comprehensive access to the Bermuda market, ISBL will enable us to provide additional capacity and strategic capabilities for our retail clients and our AmWINS brokers.”
Alan Waring, founder and owner of ISBL, said: “Partnering with AmWINS will only further our competitive advantage. We know agents and insureds are looking for the most creative and flexible ways to manage risk and to protect their assets and economic wellbeing. As part of a larger organization, we will not only expand our market access but will have enhanced capacity to deliver the best solutions at the best terms.”
Alan Mooney, CEO of ISBL, added: “AmWINS and ISBL both have a deep network of relationships. Combined we can offer unique access to various types of markets and solutions, as well as enhancing AmWINS’ product capabilities by providing direct access to the Bermuda marketplace.”
Roland Andy Burrows, chief executive of Bermuda Business Development Agency, commented: “We were very pleased to hear the news of this partnership which underscores the current confidence that exists in the Bermuda marketplace. As one of the world’s most important hubs for insurance and reinsurance, we continue to see new capital flowing in, new licenses being issued and new start-ups being established. We are excited to welcome AmWINS to Bermuda.”
