US insurance company Amynta Group has signed a definitive agreement to acquire Sutton Special Risk (Sutton) for an undisclosed sum.
Based in Toronto, Canada, Sutton is a managing general underwriter (MGU) focused on specialty insurance solutions.
Founded in 1978, the MGU provides an array of A&H coverages to its customers, such as critical illness, disability and personal accident insurance.
It also offers specialty plans for professional sports and entertainment.
The acquisition of Sutton is expected to accelerate Amynta’s growth plans in the Canadian market and expand its products in the A&H sectors.
For the year that concluded on 30 September 2023, Sutton managed C$65m ($47.7m) in premiums.
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Under the terms of the agreement, Greg Sutton, who has served as Sutton’s president and CEO for more than a decade, will continue in that role.
Amynta Group chairman and CEO Robert Giammarco said: “Sutton brings speciality A&H capabilities to Amynta, expanding our underwriting reach with proven leaders in the market.
“We see significant opportunities to build on Sutton’s strong offering and client-centric approach to expand their business. We are excited to welcome Greg and his associates to Amynta.”
Sutton president and CEO Greg Sutton said: “Sutton has been built on delivering customised solutions and outstanding service to our clients for over 45 years.
“Joining forces with Amynta marks a pivotal milestone in the success and future of Sutton, setting the stage for our next chapter of growth. We look forward to continuing to provide our customers with the same high-quality service and solutions.”
The deal is subject to customary closing conditions, including regulatory approvals.
In May this year, Amynta acquired insurance company Ambridge Group.
Valued at $400m, the deal included Ambridge’s US and international operations in the UK and Germany.