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AmWINS Group, Inc. (“AmWINS”) and Partners Specialty Group, LLC (“Partners”) today announced that the two companies have agreed in principle to combine to form the leading U.S.-based specialty insurance distribution firm. The combined firm will place over $14 billion 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 that complements the existing AmWINS platform. Founded in 1999 by Dan McDonnell, Partners has built a national footprint and is currently the ninth largest wholesale brokerage operation in the United States.
“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 modeling and analytical tools,” said Dan McDonnell, CEO of Partners.
This acquisition further reinforces AmWINS’ strategy and successful model of providing specialized products and diverse capabilities centered on insurance distribution and services, always with an emphasis on delivering unique solutions to its clients.
“We are gratified and excited to partner with Dan, Maureen Caviston and the entire Partners team,” says M. Steven DeCarlo, CEO of AmWINS. “Not only does this combination strengthen our geographic footprint, but more importantly, both firms share very similar entrepreneurial cultures centered on putting clients first with broad-based employee equity ownership.”
The acquisition is expected to be completed in 45-60 days.
About AmWINS Group, Inc.
AmWINS Group, Inc. is the largest independent wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products and administrative services. Based in Charlotte, N.C., the company operates through more than 100 offices globally and handles premium placements in excess of $13 billion dollars annually. To learn more, visit www.amwins.com.
About Partners Specialty Group, LLC
Partners Specialty Group is the 9th largest specialty insurance broker in the United States. Founded in 1999, the company is home to over 160 insurance professionals across the United States, who together placed approximately $500 million gross premium in 2016. To learn more, visit www.psgins.com.