Charlotte-based AmWINS Group, Inc. has confirmed that it intends to acquire THB Group plc of London. AmWINS said the directors of THB have unanimously agreed to recommend that its shareholders approve AmWINS’ cash offer price of 80.55 pence [$1.28] per share.
The proposal is subject to, among other things, regulatory and shareholder approvals.
THB, an independent insurance and reinsurance broker and risk management business, is based principally in the London insurance and reinsurance market. It also serves clients and markets in the U.K. and internationally via its network of offices worldwide. The firm has been listed on the London Stock Exchange (AIM) since October 2002.
AmWINS said the acquisition would augment its position as an international specialty insurance distributor that places over $6.7 billion in annual premiums. The company will have more than 2,400 employees in 20 countries worldwide
Frank Murphy, group chief executive of THB, said the deal will extend THB’s international reach and bolster its market power.
AmWINS said it expects the shareholder vote will be held in January 2012
Further details regarding the transaction may be obtained on the AmWINS web site.
Source: AmWINS Group, Inc.