Specialty insurance wholesale broker Amwins reports it has acquired Joseph Chiarello & Co., Inc., a managing general agent (MGA) specializing in commercial insurance for the firearms industry.
Terms of the deal were not disclosed.
Chiarello will join Amwins Underwriting, adding a new area of specialty expertise to the division’s program portfolio.
Summit, New Jersey-based Chiarello provides commercial package, umbrella and general liability coverage to firearms manufacturers, distributors, retailers, hunting and shooting clubs, instructors and related businesses such as ammunition and accessory manufacturers. The company’s institutional-grade risk assessment and claims management have earned it an endorsement from the National Shooting Sports Foundation.
Founded in 1934 and now led by third-generation family members Joseph and Stephen Chiarello, the company has spent more than 40 years building its reputation in firearms industry insurance, serving more than 4,000 businesses.
Charlotte, North Carolina-based Amwins serves retail insurance agents by providing property and casualty products, specialty group benefits, and administrative services. Amwins operates through more than 138 offices globally and handles premium placements in excess of $49 billion annually.
Dowling Hales served as financial advisor to Joseph Chiarello & Co. in connection with the transaction.
Topics Mergers & Acquisitions
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