AmWINS Group Inc., a global distributor of specialty insurance products and services, announced it has signed a definitive agreement to acquire International Specialty Brokers Ltd. (ISBL), a Bermuda-based P&C wholesale insurance and reinsurance broker.
Terms of the transaction were not disclosed.
ISBL will join AmWINS Brokerage and become AmWINS Bermuda Jan. 1, 2021. ISBL enhances AmWINS’ access to the international marketplace and will complement the wide range of products offered by the AmWINS Alternative Risk team, including catastrophic natural disasters, emerging risks and non-peril specific revenue protections.
Launched in Bermuda in 2012 by Alan Waring, ISBL is an independent full-service property & casualty insurance and reinsurance broker.
The two firms have a strong specialty insurance background and share a history as independent, full-service wholesale brokers.
“We are excited to partner with Alan Waring, Alan Mooney and the entire ISBL team,” said Scott M. Purviance, chief executive officer of Charlotte, N.C.-headquartered AmWINS. “With their comprehensive access to the Bermuda market, ISBL will enable us to provide additional capacity and strategic capabilities for our retail clients and our AmWINS brokers.”
“Partnering with AmWINS will only further our competitive advantage,” said Alan Waring, founder and owner of ISBL. “We know agents and insureds are looking for the most creative and flexible ways to manage risk and to protect their assets and economic wellbeing. As part of a larger organization, we will not only expand our market access but will have enhanced capacity to deliver the best solutions at the best terms.”
“AmWINS and ISBL both have a deep network of relationships,” said Alan Mooney, CEO of ISBL. “Combined we can offer unique access to various types of markets and solutions, as well as enhancing AmWINS’ product capabilities by providing direct access to the Bermuda marketplace.”
About AmWINS Group
AmWINS Group is the largest independent wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance brokers by providing property and casualty products, specialty group benefit products and administrative services. The company operates through more than 118 offices globally and handles premium placements in excess of $20 billion dollars annually.
Source: AmWINS Group
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