Specialty insurance products and service distributor Amwins Group has inked a deal to buy Bermuda-based P&C wholesale insurance/reinsurance broker International Specialty Brokers (ISBL).
Financial terms of the deal were not shared.
The deal offers US-based Amwins an enhanced entry to Bermuda marketplace, which is one of the major re/insurance hubs globally.
It is also said to complement a range of products offered by the Amwins Alternative Risk team, including catastrophic natural disasters, emerging risks and non-peril specific revenue protections.
Amwins CEO Scott Purviance said: “We are excited to partner with Alan Waring, Alan Mooney and the entire ISBL team.
“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.”
As per the agreement, ISBL will join Amwins Brokerage on 1 January 2021 and will be known as Amwins Bermuda.
ISBL founder and owner Alan Waring said: “Partnering with Amwins will only further our competitive advantage.
“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.”
ISBL CEO Alan Mooney added: “Amwins and ISBL both have a deep network of relationships.
“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.”
In October this year, Amwins agreed to acquire Stealth Partner Group for an undisclosed amount.
Last year, the company purchased California-based general agent LISI and Atlantic Risk Specialists Companies.