Insurance companies sign deal to form leading US specialty distribution firm

  • Insurance
  • 20/04/2017
Insurance companies sign deal to form leading US specialty distribution firm
Two major specialty players have agreed in principle to undertake a merger which will create a behemoth specialty insurance distribution firm.AmWINS Group and Partners Specialty Group will have a combined placement capability of $14 billion, employing over 4,000 workers across 12 countries once the merger is completed.Yahoo Finance reported that Partners will become part of AmWINS Brokerage Division. Its participation is expected to boost product expertise and expand the latters geographic footprint.The acquisition builds on AmWINS strategy of providing specialized products and diverse capabilities with a specific focus on insurance distribution and services to deliver bespoke solutions to its clients.Not only does this combination strengthen our geographic footprint, but more importantly, both firms share very similar entrepreneurial cultures centred on putting clients firstAmWINS chief executive M. Steven DeCarlo said in the report.Partnering with AmWINS allows us to continue providing our clients with the service they have come to expect while expanding our capabilities Dan McDonell, Partners chief executive, added.The deal is expected to be completed in the next 45-60 days.AmWINS is a major wholesale distributor of specialty insurance products with specific industry focus on property and casualty insurance, specialty group benefit products and administrative services.Partners is likewise a significant player in the specialty insurance brokerage space.Consulting firm EY said in a 2017 outlook report that property and casualty players are expected to deal with current market challenges through consolidation strategies.The industry is likely to see greater consolidation including within the specialty insurance market, the firm said in its report.
  
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