Global specialty insurance provider, AmWINS Group, Inc., has agreed a deal in principle to acquire Florida-based managing general agency (MGA), The Flood Insurance Agency.
The Flood Insurance Agency specialises in private market flood insurance, providing access to an alternative to the National Flood Insurance Program (NFIP).
Operating as a Program Administrator for Lexington Insurance Company, the private market flood MGA is expected to expand AmWINS’ flood capabilities.
AmWINS Group Chief Executive Officer (CEO), Scott Purviance, said: “The addition of The Flood Insurance Agency will significantly increase our capabilities for personal lines flood products.
“We are incredibly excited to partner with Evan and his team. Their reputation in the flood market is unparalleled. Not only will TFIA enhance our personal lines flood product offerings, but also will provide us with the opportunity to distribute a new and innovative commercial flood product to our retail clients in the very near future.”
Founder and CEO of The Flood Insurance Agency, Evan Hecht, commented: “AmWINS is the largest specialty insurance distributor in the U.S., but more importantly is the ideal cultural fit for TFIA. Our specialized approach enables us to provide access to superior products and results for our clients and markets.”
The deal is expected to close in February 2019, pending regulatory approval and customary closing conditions. The terms of the transaction were not disclosed.