Amwins Group, the independent wholesale distributor of specialty insurance products in the US, has completed the acquisition of broker Worldwide Facilities.
Worldwide is set to compliment Amwins’ brokerage, binding authority, underwriting and group benefits capabilities and growth strategy.
The acquisition will also strengthen Amwins’ casualty and professional lines capabilities, specifically around Construction, Workers Compensation, D&O and E&O, whilst expanding Amwins’ geographic footprint along the west coast.
The transaction was overseen by Genstar, a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries.
Scott M. Purviance, Chief Executive Officer of Amwins commented: “We are adding a talented group of brokers and underwriters that further strengthens our specialty capabilities. We are thrilled to welcome the entire Worldwide team to the Amwins family and leverage the strength of both teams to benefit retailers and markets nationwide.”
Ryan Clark, President and Managing Director at Genstar said: “We are very excited to complete this transaction in which we rolled nearly 100% of our equity and became a minority shareholder in Amwins.
“Specialty markets are experiencing rapid growth as the complexity of insurance products increases and premium rates continue to rise, and Genstar’s focus in the insurance sector helped us to identify both Worldwide and Amwins as businesses we wanted to invest in.”
Davis Moore, Chief Executive Officer of Worldwide added: “During our partnership with Genstar we continued product expansion and successfully completed five acquisitions, including companies that expanded our nationwide footprint and increased our already diverse offerings.
“Amwins is a great cultural fit, including their broad-based employee equity plan. Worldwide clients can expect a continued high level of service, with access to a broader range of markets, products and tools. We look forward to partnering with Amwins and exploring many more opportunities as part of a scaled global organisation.”