AmWins Group, a leading distributor of specialty insurance products, has announced that it has signed a definitive agreement to acquire Worldwide Facilities, LLC. The acquisition is expected to close in the first quarter of 2021, subject to regulatory approvals and customary closing conditions.
The acquisition will bring together two of the largest wholesale brokers in the United States, creating a leading specialty insurance distributor with a diverse product portfolio and a broad geographic footprint. AmWins Group has a strong presence in the property and casualty market, while Worldwide Facilities specializes in specialty lines, including professional, management and environmental liability.
The combination of the two companies will create a platform with significant scale and broad product expertise, capable of serving the needs of a wide range of clients, from small businesses to large corporations. The acquisition will also enable AmWins to expand its customer base and distribution network, as well as strengthen its relationships with carriers.
According to Scott M. Purviance, CEO of AmWins Group, “This acquisition is a significant step in our growth strategy and reinforces our position as a leading specialty insurance distributor. Together, we will be able to offer our clients a broader range of products and services, and provide our carrier partners with enhanced distribution capabilities.”
The news of the acquisition has been met with enthusiasm by industry experts, who see it as a positive development for the insurance sector. As the insurance market continues to evolve, companies that can offer a wide range of products and services, combined with a strong distribution network, are likely to be well positioned for success.
In conclusion, the acquisition of Worldwide Facilities by AmWins Group is a significant development in the insurance industry. It brings together two leading wholesale brokers, enabling them to offer a wider range of products and services to clients, while strengthening their relationships with carriers. This is a positive development for the industry, and is likely to lead to further consolidation and innovation in the years ahead.