Amwins acquires rival Worldwide Facilities in 'watershed moment'

US-based global insurance distributor Amwins Group has agreed to acquire wholesale broker Worldwide Facilities in a deal its chief executive described as a "watershed moment" for the company as well as the industry. Amwins said it is looking to expand its footprint, especially on the US west coast.

Worldwide Facilities is said to be the fourth-largest wholesale broker in the US. It has been in business since 1970.

The acquisition strengthens Amwins' US presence, as well as brokerage, underwriting and binding authority and group benefits divisions.

Following the deal, expected to close in April 2021, Worldwide's team led by Davis Moore will join Amwins' leadership team.

"The acquisition of Worldwide is a watershed moment not just for Amwins, but the specialty distribution space," said Scott Purviance, chief executive officer of Amwins. "Since the beginning, we've believed that scale and specialization are key to delivering for our clients. Over the last 19 years, we've been able to build an organisation that stands out amongst the competition.

"With the addition of Worldwide to the Amwins family we are partnering with a very talented group of brokers and underwriters. Worldwide has a very similar culture to Amwins and has a significant employee ownership base. The combined firm will have over 1,025 employee shareholders owning 43 percent of the business."

Moore, chief executive officer of Worldwide, commented: "We are excited to join the Amwins family and the opportunities this partnership offers. Our organisations complement each other very well from a culture and business philosophy perspective. Together, we can use our scale to continue to invest in people, technology, product and tools to deliver specialized solutions to our retail clients."

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