Amwins the largest independent wholesale distributor of specialty insurance products in the United States
In another sign of the growing consolidation throughout the entire insurance ecosystem, two of the country’s largest wholesale brokers have announced that they will join forces. Charlotte-based Amwins, the largest independent wholesale distributor of specialty insurance products in the United States, will acquire Worldwide Facilities, the fourth-largest wholesale broker in the U.S.
“The acquisition of Worldwide is a watershed moment not just for Amwins, but the specialty distribution space,” said Scott M. Purviance, Chief Executive Officer of Amwins. “Since the beginning, we’ve believed that scale and specialization are key to delivering for our clients. Over the last 19 years, we’ve been able to build an organization that stands out amongst the competition. With the addition of Worldwide to the Amwins family we are partnering with a very talented group of brokers and underwriters. Worldwide has a very similar culture to Amwins and has a significant employee ownership base. The combined firm will have over 1,025 employee shareholders owning 43% of the business.”
The closing will likely occur in the second quarter of 2021
Expected to close in April 2021, the deal will solidify Amwins’ position as the largest specialty insurance distribution firm, which includes 50 previously acquired companies. As a result of the purchase, Amwins will now have more than 6,151 employees throughout its 155 offices across the U.S., placing more than $24 Billion in premium annually via its more than 25,000 retail agency relationships.
“We are excited to join the Amwins family and the opportunities this partnership offers,” said Davis Moore, Chief Executive Officer of Worldwide. “Our organizations complement each other very well from a culture and business philosophy perspective. Together, we can use our scale to continue to invest in people, technology, product and tools to deliver specialized solutions to our retail clients.”
According to the terms of the transaction, the Worldwide team, led by Davis Moore, will join Amwins’ leadership team upon completion of the sale.
About Amwins Group, Inc.
Amwins Group, Inc. is the largest independent wholesale distributor of specialty insurance products in the United States, 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 125 offices globally and handles premium placements in excess of $22 billion annually.
About Worldwide Facilities
Worldwide Facilities is a national wholesale insurance broker, managing general agent and program underwriter that has been in business since 1970.
Its brokers and underwriters are industry leaders providing expertise in a wide range of specialty lines, as well as extensive contacts with carriers domestically and overseas.
