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Wholesale brokerage AmWINS Group Inc. on Monday said it has reached an agreement to acquire The Flood Insurance Agency, a program administrator for Lexington Insurance Co.
Terms of the transaction were not disclosed.
The Flood Insurance Agency, based in Gainesville, Florida, operates as a program administrator for Lexington, a unit of American International Group Inc. It provides access to its Private Market Flood program, an alternative to the National Flood Insurance Program, Charlotte, North Carolina-based AmWINS said in a statement.
The transaction is expected to close in February, pending regulatory approval and other conditions.
AmWINS Group Inc. has named former Swiss Re Ltd. executive Robert Petrilli to the newly created position of president of its underwriting division, effective immediately, the specialty insurance wholesaler said in a statement Monday.