AmWINS Group, Inc. has agreed to buy International Specialty Brokers Ltd. a Bermuda-based wholesale insurance and reinsurance broker.
AmWINS, a North Carolina-based global broker focused on specialty insurance products and services, did not disclose the purchase price. But the company said the deal allows it to grow in Bermuda market in a big way.
“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,” Scott Purviance, Chief Executive Officer of AmWINS, said in prepared reamrks.
AmWINS bills itself as the largest independent wholesale distributor of specialty insurance products in the United States. It serves retail insurance brokers with property/casualty products, specialty group benefit products and administrative services. It operates in more than 118 offices globally and said it handles premium placements surpassing $20 billion annually.
The sale concludes on Jan. 1, 2021, at which point ISBL will become AmWINS Bermuda. The new division brings products to AmWINS including catastrophic natural disasters, emerging risks and non-peril specific revenue protections.