Amwins Group, Inc. (“Amwins”), a global distributor of specialty insurance products and services, today announced it has signed a definitive agreement to acquire International Specialty Brokers Limited (“ISBL”), a Bermuda-based P&C wholesale insurance/reinsurance broker.
“We are excited to partner with Alan Waring, Alan Mooney and the entire ISBL team,” said Scott M. Purviance, Chief Executive Officer of Amwins. “With their comprehensive access to the Bermuda market, ISBL will enable us to provide additional capacity and strategic capabilities for our retail clients and our Amwins brokers.”
ISBL will join Amwins Brokerage and become Amwins Bermuda January 1, 2021. ISBL enhances Amwins’ access to the international marketplace and will complement the wide range of products offered by the Amwins Alternative Risk team, including catastrophic natural disasters, emerging risks and non-peril specific revenue protections.
“Partnering with Amwins will only further our competitive advantage,” said Alan Waring, founder and owner of ISBL. “We know agents and insureds are looking for the most creative and flexible ways to manage risk and to protect their assets and economic wellbeing. As part of a larger organization, we will not only expand our market access but will have enhanced capacity to deliver the best solutions at the best terms.”
The two firms have a strong specialty insurance background and share a history as independent, full-service wholesale brokers.
“Amwins and ISBL both have a deep network of relationships,” said Alan Mooney, CEO of ISBL. “Combined we can offer unique access to various types of markets and solutions, as well as enhancing Amwins’ product capabilities by providing direct access to the Bermuda marketplace.”
Speaking on behalf of the Bermuda Business Development Agency, a public-private partnership focused on encouraging inward direct investment and growth, CEO Roland Andy Burrows, said: “We were very pleased to hear the news of this partnership which underscores the current confidence that exists in the Bermuda marketplace. As one of the world’s most important hubs for insurance and reinsurance, we continue to see new capital flowing in, new licenses being issued and new start-ups being established. We are excited to welcome Amwins to Bermuda.”
Terms of the transaction were not disclosed.
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 brokers by providing property and casualty products, specialty group benefit products and administrative services. Based in Charlotte, N.C., the company operates through more than 118 offices globally and handles premium placements in excess of $20 billion dollars annually.
About International Specialty Brokers Limited
International Specialty Brokers Limited was established in Bermuda in 2012 by Alan Waring. An independent full-service Property & Casualty Insurance/Reinsurance broker, ISBL provides clients with access to a broad range of US and International markets who write multiple lines of coverage for risks throughout the world. To learn more, visit www.isbl.bm.