Amwins, a global distributor of specialty insurance products and services, has purchased Arena Special Risks’ wholesale business from commercial real estate and retail insurance firm Franklin Street.
Both Amwins and Franklin Street have a long-standing relationship and both company’s recognise the exciting growth opportunity that exists for this wholesale property business on a go forward basis.
Jeff McNatt, president, Amwins Brokerage, commented on the partnership: “This partnership highlights the range of abilities and products offered by our Amwins Real Estate Practice. Our ability to handle challenging catastrophic exposed accounts is a major driver of the partnership along with our strategic market relationships that continue to bring the best available solutions to our retailers and their insureds.”
Rob Allen, president, Franklin Street Insurance, commented: “The sale of Arena to Amwins will allow Franklin Street Insurance Services to focus on our core business as a retail insurance broker to the Real Estate sector, while at the same time providing even more market strength and resources for our associates when placing business through the wholesale market.”
Andrew Kiernan, president, Arena Special Risks, LLC, added: “This is a win-win-win for all parties. The products and high-level of service that Amwins provides will only enhance the resources of this collaborative team.
“We’d like to thank everyone that was in the arena together, making this a successful venture: all our valuable agents, our underwriters in Houston and beyond, the Arena team who performed in a hard market, and our supportive Franklin Street colleagues.”