AmWINS Group, Inc., a global distributor of specialty insurance products and services, has reached a definitive agreement to acquire Seacoast Brokers, LLC, a South Carolina-based personal lines specialty MGA that designs, distributes and services surplus lines homeowners’ business throughout the United States, and Trident Claims Management, LLC, a licensed third-party claims administrator which manages claims on all Seacoast-issued policies. The transaction will close following regulatory approval.
Seacoast provides homeowners’ products to insurance agents covering residential properties predominantly for secondary, seasonal, vacation and investment use which are located in catastrophe-prone and/or resort-oriented communities. Seacoast partners with A.M. Best ‘A’-rated insurance companies that specialize in catastrophe property products for the personal lines segment of the industry.
According to M. Steven DeCarlo, CEO of AmWINS, the addition of Seacoast to the AmWINS Access division significantly increases its personal lines products and services.
Brian Hover, president of Seacoast, said its acquisition by AmWINS will expand its geographic footprint through the offering of its products, services and technology to AmWINS’ retail clients across the U.S. In addition, Seacoast’s clients will now have access to all of AmWINS’ products, including its proprietary product offerings.
AmWINS Access is a nationwide delegated authority business focused on small commercial property and casualty and personal lines. AmWINS Access provides capabilities and market access as a P&C wholesaler.
David Lavins, senior vice president at AmWINS Group, added the addition of Trident significantly expands its services by adding claims administration capabilities.
Terms of the transaction were not disclosed. Robinson Bradshaw & Hinson, P.A. is acting as legal counsel to AmWINS in connection with the transaction. TigerRisk Capital Markets & Advisory is acting as financial advisor and Lewis Rice, LLC is acting as legal counsel to Seacoast and Trident.
AmWINS Group, Inc. is a wholesale distributor of specialty insurance products dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products and administrative services. Based in Charlotte, N.C., the company operates through more than 100 offices globally.
Seacoast was formed in 2001 and is based in Hilton Head Island, S.C.
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