AmWINS Group and Partners Specialty Group have agreed in principle to merge into a single entity to create a US-based specialty insurance distribution firm.
The combined firm will place over $14 billion in annual premiums and have over 4,100 employees in more than 100 locations located across 12 countries.
Partners will become part of the AmWINS Brokerage Division and will add product expertise and an expanded geographic presence that complements the existing AmWINS platform. Founded in 1999 by Dan McDonnell, Partners has built a national footprint and is currently the ninth largest wholesale brokerage operation in the United States.
“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 Dan McDonnell, CEO of Partners.
This acquisition further reinforces AmWINS’ strategy and successful model of providing specialized products and diverse capabilities centered on insurance distribution and services, always with an emphasis on delivering unique solutions to its clients.
“We are gratified and excited to partner with Dan, Maureen Caviston and the entire Partners team,” says 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.”
The acquisition is expected to be completed in 45-60 days.