AmWINS to Acquire Bliss & Glennon and eReinsure from Fortegra

December 3, 2013

North Carolina-based insurance wholesaler AmWINS Group Inc. has agreed to a deal with Fortegra Financial Corp. to acquire both Bliss & Glennon, an excess and surplus lines wholesale insurance broker and managing general agency, and eReinsure, an online platform for placing facultative reinsurance.

The acquisitions are expected to close within 30 days, following standard regulatory approval. Terms were not disclosed.

Bliss & Glennon, based in Redondo Beach, California, handles $229 million in premium and has offices in California and six other states. Its specialties include complex casualty, property, difference-in-conditions, professional liability, environmental, homeowners, transportation, garage liability and workers compensation.

Robert Abramson is president of Bliss & Glennon.

Fortegra bought Bliss & Glennon from Willis HRH Inc. in 2009 for an undisclosed amount. Joe Plumeri, Willis Group chairman and CEO at the time, said he decided to sell Bliss & Glennon because it did not fit with his long-term strategy to focus on retail brokerage business in the U.S.

The target of the second transaction, eReinsure, provides Internet-based technology for managing reinsurance transactions including the negotiation and placing process, data management and analysis, compliance, integration and automation. The company, founded in 1999, is headquartered in Salt Lake City, Utah, and has offices in New York City and London.

Fortegra Financial acquired eReinsure in 2011 for a cash purchase price of $37 million. Igor Best-Devereux is president and CEO of eReinsure.

 

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