AmWINS snaps up flood insurance MGA

US-based global insurance broker AmWINS Group is acquiring The Flood Insurance Agency (TFIA), a Florida-based managing general agency (MGA) that specialises in private market flood insurance.

The Flood Insurance Agency operates as a programme administrator for Lexington Insurance Company and provides access to Private Market Flood, an alternative to the National Flood Insurance Program (NFIP).

The transaction is expected to close in February, pending regulatory approvals.

“The addition of The Flood Insurance Agency will significantly increase our capabilities for personal lines flood products,” said Scott Purviance, chief executive officer of AmWINS Group.

“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.”

Evan Hecht, founder and CEO of The Flood Insurance Agency, said: “AmWINS is the largest specialty insurance distributor in the US, 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.”