Specialty insurance brokerages AmWINS Group Inc. and Partners Specialty Group LLC have agreed to merge, creating a combined firm that will place a whopping $14 billion in annual premiums.
Neither side disclosed financial terms. The acquisition is expected to be completed in 45 to 60 days.
As part of the deal, Partners will become part of the AmWINS Brokerage Division, bringing an expanded geographic presence that complements the existing AmWINS platform.
The combined firm will have more than 4,100 employees in more than 100 locations located across 12 countries. AmWins before the merger handled $13 billion in annual premiums, and Partners dealt with about $50 billion.
Founded in 1999 by Dan McDonnell, Horsham, Pennsylvania-based Partners has built a national footprint.
“We are gratified and excited to partner with Dan, Maureen Caviston and the entire Partners team,” said M. Steven DeCarlo, CEO of AmWINS. “Not only does this combination strengthen our geographic footprint, but more importantly, both firms share very similar entrepreneurial cultures centered on putting clients first with broad-based employee equity ownership.”
“Partnering with AmWINS allows us to continue providing our clients with the service they have come to expect while expanding our capabilities with AmWINS’ exclusive products, actuarial, catastrophe modeling and analytical tools,” said McDonnell, CEO of Partners.
Based in Charlotte, N.C., AmWINS operates through more than 100 offices globally and handles premium placements in excess of $13 billion dollars annually.
Horsham, Penn.-based Partners has 160 employees who placed approximately $500 million gross premium in 2016.
Source: AmWINS, Partners Specialty Group