AmWINS to buy Lexington program administrator

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.