UPFRONT
INTELLIGENCE CORPORATE ACQUIRER
TARGET
PRODUCTS COMMENTS
Amwins Group
Worldwide Facilities
The combined wholesale brokerage will represent more than $24 billion in annual premium
Applied Underwriters
Florida Casualty Insurance Company
The acquisition of the Fort Lauderdale-based insurer is part of Applied’s national and international expansion strategy
CRC Group
Griffin General Agency
Houston-based Griffin’s operations include commercial P&C binding and personal lines
Davies
The Littleton Group
The Texas-based TPA and claims adjuster will join Davies’ US Claims Solutions arm
Howden
Sturge & Taylor Associates
The deal expands Howden’s marine insurance offering in the US pleasurecraft market
HUB International
Benefit Strategies Agency; David Trachtenberg Inc.; Finn & Stone; Incentive Systems; Juban Insurance Group; Wellspring Insurance Agency
HUB finalized six new agency acquisitions across the US in March, including two in Philadelphia and four more in Louisiana, Texas, Vermont and Ohio
Randall-Reilly
Central Analysis Bureau
CAB provides risk assessment tools and data for the transportation insurance sector
Sequel
Whitespace Software
Whitespace will gain access to the resources of Sequel and parent company Verisk while retaining its own brand and autonomy
Mosaic Insurance enters war and terrorism market
Mosaic Insurance has begun underwriting war, terrorism and political violence risks globally out of its offices in London and New York. Mosaic’s tailored coverage spans commercial, industrial and residential property risks associated with acts of terror and sabotage, malicious damage, strikes, riots, civil commotion, and war. The firm’s broad range of standalone terrorism products can be written as primary, excess or quota-share coverage to mitigate damage, business disruption costs or lost sales revenues in the event of an attack or threat. Its US operation will offer up to $250 million through syndicated capacity.
Amwins acquires rival in surprise merger
In a move that sent a shock wave through the US specialty insurance market, Amwins Group has signed a definitive agreement to acquire rival wholesale broker Worldwide Facilities. Together, the combined firm will have more than 6,100 employees in 155-plus offices across the US and place more than $24 billion in premium annually. The transaction broadens Amwins’ specialty capabilities in brokerage, underwriting, binding authority and group benefits. It also expands its geographic footprint, especially on the West Coast. “The acquisition of Worldwide is a watershed moment not just for Amwins, but the specialty distribution space,” said Amwins CEO Scott M. Purviance. “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.”
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M.J. Hall lights up cannabis business cover in Arizona
Broker M.J. Hall & Company has partnered with an A-rated insurer to offer its Cannabis Businessowners Policy (CannaBOP) in Arizona. Providing admitted coverage for cannabis industry business owners, CannaBOP includes property limits of up to $10 million in total insured values, $1 million in cannabis stock and up to $2 million in business income. It also features general liability coverage with limits of $1 million per occurrence, as well as $2 million in the aggregate for premises liability, $1 million in limits for products liability and $2 million in the aggregate on a claims-made basis.
www.ibamag.com
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