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AmWINS Group, Inc. (“AmWINS”), a global distributor of specialty insurance products and services, is pleased to announce that it has reached a definitive agreement to acquire 15 insurance programs from Willis Towers Watson (NASDAQ: WLTW). The acquisition is expected to be completed on October 31, 2017.
“The programs, product expertise and underwriting talent that we are acquiring from Willis Programs will expand and diversify our Underwriting division and support our long-term growth strategy to provide niche programs for our retail clients," said M. Steven DeCarlo, CEO of AmWINS. “These programs will become part of AmWINS Program Underwriters, which currently underwrites 20 programs with over $150 million of premium.”
The addition of these programs further strengthens AmWINS as the leading U.S.-based specialty insurance distribution firm, with more than 4,300 employees across 12 countries and over $14 billion in annual premium placements.
“We’re pleased to welcome the team from Willis Programs to AmWINS Program Underwriters, including Debbie Stanley, Jim Kelley, Dan Curran, Bo Adams and Tim Hendrickson, who bring many years of industry experience and long-standing carrier relationships to our team,” said Ben Francavilla, President of AmWINS Program Underwriters. “We believe these programs will greatly benefit from being part of our independent distribution model.”
The 15 acquired programs have a team of over 115 experienced professionals with offices in Portsmouth, New Hampshire; Burlington, Vermont; Tampa, Florida; Detroit, Michigan; Denver, Colorado; Salt Lake City, Utah; and Hartford, Connecticut. Among the programs being acquired by AmWINS are MountainGuard, which provides underwriting, claims, and loss control services to the majority of ski resorts in North America, and DealerGuard, which provides Dealer Open Lot and Comprehensive Package coverages for franchised and independent auto, truck, and RV dealers.
Terms of the transaction were not disclosed.
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 $14 billion dollars annually. To learn more, visit www.amwins.com.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential.