US-based insurance and consulting firm Virtus has announced its merger with Kemmons Wilson Insurance Group (KWIG) to create a top 100 broker in the country.
Full- services insurance agency KWIG is based in Memphis, Tennessee and is focused on the hotel, hospitality and lodging sector.
Virtus anticipates that the merger will supplement its existing industry sepcialisation in real estate, private equity, construction, and restaurant sectors.
The combined entity will have a team of more than 100 employees, with insurance premiums in excess of $250m and $20m in revenue placing Virtus inside the top 100 insurance intermediaries in the US.
KWIG chairman Spence Wilson Jr. said: “We are very excited to join forces with Virtus. For several years, we have watched and admired their growth and the importance they place on people and culture.
“We share many values and a mutual desire to reach our full potential. This partnership gives us both an opportunity to expand our team, market and areas of excellence.”
Virtus CEO Andrew Gray said: “The partnership with KWIG supports our continued focus on specialisation. We have a great responsibility to the legacy of the Kemmons Wilson family and a great opportunity to help the business thrive into the future.”
As per the agreement, the Wilson family will continue to hold a seat on the Virtus board. Post-merger, the firms will continue to focus on attracting and developing insurance talent.