Following the acquisition of Partners Specialty Group the combined broking unit will place over $14bn in annual premiums
US specialty broker AmWINS has bought Partners Specialty Group.
The two brokers have signed an agreement in principle to merge and create what they claim will be “the leading US-based specialty insurance distribution firm”.
The combined specialty broker will place over $14b in annual premiums and have over 4,100 employees in more than 100 locations located across 12 countries.
Partners will become part of the AmWINS Brokerage Division and will “add product expertise and an expanded geographic presence” to the existing AmWINS platform.
AmWINS claims the acquisition will further reinforce its strategy and “successful model of providing specialised products and diverse capabilities centred on insurance distribution and services, always with an emphasis on delivering unique solutions to its clients”.
AmWINS chief executive Steven DeCarlo said: “We are gratified and excited to partner with Dan McDonnell, Maureen Caviston and the entire Partners team. Not only does this combination strengthen our geographic footprint, but more importantly, both firms share very similar entrepreneurial cultures centred on putting clients first with broad-based employee equity ownership.”
“Partnering with AmWINS allows us to continue providing our clients with the service they have come to expect while expanding our capabilities with AmWINS’ exclusive products, actuarial, catastrophe modelling and analytical tools,” Partners chief executive Dan McDonnell added.
McDonnell founded Partners in 1999 and over the last 18 years has built a national footprint. The company is currently the ninth largest wholesale brokerage operation in the United States.
The two companies expect the acquisition to complete in 45-60 days.