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Amwins Group Inc., the largest wholesale broker, has agreed to buy the fifth-largest wholesaler, Worldwide Facilities LLC.
Terms of the deal were not disclosed.
Charlotte, North Carolina-based Amwins had wholesale premium volume of $14.67 billion and gross revenue of $1.37 billion in 2019, the latest year for which figures are available. Los Angeles-based Worldwide Facilities reported $1.81 billion in premium volume and $165 million in gross revenue in 2019.
The deal, which is Amwins' 52nd acquisition, will expand the broker’s casualty and professional lines businesses, particularly around construction, workers compensation, directors and officers liability, and errors and omissions insurance, an Amwins statement said.
The combined company will have more than 6,750 employees in about 155 offices and place more than $24 billion in premium annually, the statement said.
In addition to being the largest wholesaler, Amwins is the largest specialty intermediary, according to Business Insurance’s latest ranking.
About 66% of Amwins’ business is nonadmitted and about 35% admitted, according to Business Insurance’s 2020 Insurance Wholesalers Ranking and Directory. Worldwide Facilities’ business is 57% nonadmitted and 43% admitted.
AmWINS Group Inc. has completed the acquisition of Atlantic Risk Specialists, a wholesale insurance brokerage and managing general agent comprising Atlantic Risk Specialists Inc. and ARS-Latiff LLC, the Charlotte, North Carolina-based brokerage said Monday.