Specialty insurance broker AmWINS Group has agreed to acquire The Flood Insurance Agency, a Florida-based managing general agency that specializes in private market flood insurance.
Scott M. Purviance, chief executive officer of AmWINS Group, said the addition of The Flood Insurance Agency will not only “significantly increase” his firm’s capabilities for personal lines flood products, but also will give it the opportunity to distribute a new commercial flood product to its retail agents in the “very near future.”
The Flood Insurance Agency, operating as a program administrator for surplus lines carrier Lexington Insurance Co., provides access to Private Market Flood, an alternative to the government-run National Flood Insurance Program.
According to the MGA, its private flood insurance program insures more than $4.5 billion of property spread over 25,000 risks in 37 states. More than 3,000 independent agencies are registered to use the program.
The transaction is expected to close in February, pending regulatory approval and customary closing conditions. Terms of the transaction were not disclosed.
Evan Hecht is founder and chief executive officer of The Flood Insurance Agency.
Based in Charlotte, N.C., AmWINS operates through more than 115 offices globally and handles premium placements in excess of $15.3 billion annually.
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