Amwins, an independent wholesale distributor of specialty insurance products, has taken over wholesale brokerage Arena Special Risks from Franklin Street.

A commercial real estate and retail insurance company, Franklin Street has been a long-time partner of Amwins.

Financial terms of the transaction were not disclosed.

Arena Special Risks president Andrew Kiernan called the acquisition a ‘win-win’ for both the sides.

Franklin Street Insurance president Rob Allen said: “The sale of Arena to Amwins will allow Franklin Street Insurance Services to focus on our core business as a retail insurance broker to the Real Estate sector, while at the same time providing even more market strength and resources for our associates when placing business through the wholesale market.”

Amwins Brokerage president Jeff McNatt said: “This partnership highlights the range of abilities and products offered by our Amwins Real Estate Practice. 

“Our ability to handle challenging catastrophic exposed accounts is a major driver of the partnership along with our strategic market relationships that continue to bring the best available solutions to our retailers and their insureds.”

Headquartered in North Carolina, Amwins manages over $29bn in premium placements annually.

It offers specialty group benefit products, property and casualty products, as well as administrative services.

The firm has over 155 offices across the world.

In August 2022, Amwins struck a partnership with Cowbell Cyber for cyber insurance.

Earlier this year, AmWINS Special Risk Underwriters (SRU) reached an alliance with Obsidian, marking its entry into the transportation industry.