Newfront Insurance has set foot in the aviation segment with the acquisition of California-based specialist brokerage Aviation Marine Insurance Services (AMIS).

Financial terms of the transaction were not made public.

Commenting on the deal, Newfront CEO Spike Lipkin said: “AMIS enhances our client offering and presents a tremendous opportunity to bring a modern experience to aviation risk management and insurance.

“This acquisition is far beyond a transaction; it is an opportunity to cohere a team united by the vision of being the modern tech-enabled brokerage with a customer-focused culture.”

AMIS specialises in general aviation from individual owners, managed fleets, charter companies, to aviation related business across 35 states.

Newfront believes that the integration of the two firms’ capabilities will offer new levels of transparency, and data to aviation insurance.

As part of the deal, Newfront will absorb AMIS head Scott Gault and his team of aviation insurance experts.

“My father founded AMIS 35 years ago, committed to providing a differentiated client experience. Joining Newfront today is an important evolution for our clients and team towards this commitment,” Gault stated.

Last October, Newfront raised over $100m to fund its efforts aimed at modernising risk management for middle market businesses.

The funding round was led by Founders Fund and Meritech Capital. It took the valuation of the company to more than $500m.

Meanwhile, in another acquisition in the aviation space earlier in 2020, US-based insurance firm Risk Strategies acquired Transport Risk Management.

Transport Risk Management is a specialist in aviation-related insurance and risk management. It offers coverage to several industries including manned commercial and industrial aid aircraft, non-owned aviation, aircraft and personal liability, unmanned aerial system, as well as drone coverage.