20 April 2017Insurance

AmWINS acquires US specialty insurance broker Partners

US-based global insurance distributor AmWINS Group has signed a definitive agreement to acquire wholesale brokerage firm Partners Specialty Group.

According to the company, the deal will create a specialty insurance distribution firm with more than $14 billion in annual premiums. Partners will become part of the AmWINS' brokerage division and will add product expertise and an expanded geographic presence.

Partners, a specialty insurance broker founded in 1999 by Dan McDonnell, placed approximately $500 million gross premium in 2016.

The acquisition is expected to be completed within next two months. AmWINS said that the deal further reinforces its strategy to provide specialised products and diverse capabilities centred on insurance distribution and services.

"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."

Partners CEO McDonnell commented: "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."

Today’s top stories

WR Berkley taps Goldman Sachs exec for insurtech investment role

AIG estimates $100m Ogden charge in Q1 results

Profits almost triple at R&Q as growth and acquisitions hit bottom line

Shareholders' funds grow but profits dip across industry in 2016

Pioneer adds new hires from XL Catlin and USLI to miscellaneous E&O unit

XL Catlin expands terrorism insurance cover in US

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Interested in insurtech? We have just launched a dedicated monthly email,  sign up here to get the next one.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
17 January 2018   US-based global insurance broker AmWINS Group has promoted Scott Purviance to succeed Steven DeCarlo as the company’s CEO, effective May 1, 2018.
Insurance
5 June 2017   US-based global insurance distributor AmWINS Group has completed the acquisition of wholesale brokerage firm Partners Specialty Group. The purchase price has not been disclosed.
Alternative Risk Transfer
5 June 2017   Re/insurer QBE North America, part of QBE Insurance Group, has formed a strategic programme alliance with AmWINS Special Risk Underwriters (SRU) to launch a national excess property programme.