AmWINS Group to Acquire Partners Specialty Group
AmWINS Group, Inc., announced Wednesday, April 19, that it will combine with Partners Specialty Group, LLC. The two companies combined will be responsible for more than $14 billion in annual premiums, and they will employ more than 4,100 employees in 12 countries.
Partners was founded in 1999 and is currently the ninth largest wholesale brokerage operation in the United States, according to a statement by AmWINS. Partners focuses on the specialty market and offers coverage in areas such as cyber liability and environmental, which have been increasing in premium in Texas over the last five years.
Once combined, Partners will become part of the AmWINS Brokerage Division, which is focused on property and casualty insurance. Per its website, AmWINS is the largest specialty distributor of property, casualty, and professional lines insurance products.
“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,” said M. Steven DeCarlo, Chief Executive Officer of AmWINS.
The terms of the agreement were not disclosed. The acquisition could take between 45- 60 days.