AmWINS Group has announced plans to acquire International Specialty Brokers Limited (ISBL), a Bermuda-based P&C wholesale insurance and reinsurance broker.
Following the takeover, ISBL will join AmWINS Brokerage and become AmWINS Bermuda from January 1, 2021.
AmWINS believes the acquisition will enhance its access to the international market, while complementing the existing products offered by its alternative risk team.
These products include catastrophic natural disasters, emerging risks and non-peril specific revenue protections.
“We are excited to partner with Alan Waring, Alan Mooney and the entire ISBL team,” said Scott M. Purviance, Chief Executive Officer of AmWINS.
“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, also commented: “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.”
“AmWINS and ISBL both have a deep network of relationships,” added Alan Mooney, CEO of ISBL. “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.”
Speaking on behalf of the Bermuda Business Development Agency, CEO Roland Andy Burrows, said: “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.”
