Amwins Group Inc., the largest wholesale broker, has agreed to acquire the fifth largest wholesaler, Worldwide Facilities LLC.
The terms of the deal were not disclosed.
Charlotte, North Carolina-based Amwins had wholesale premium volume of $ 14.67 billion and gross revenue of $ 1.37 billion in 2019, the most recent year for which figures are available. Los Angeles-based worldwide facilities reported $ 1.81 billion in premium volume and $ 165 million in gross revenue in 2019.
The deal, which is Amwin's 52nd acquisition, will expand the broker's accident and professional line business, particularly around construction, work compensation, Amwin's statement says.
The combined company will have more than 6,750 employees in approximately 1
In addition to being the largest wholesaler, Amwins is the largest specialist broker, according to Business Insurance latest ranking.
Approximately 66% of Amwin's operations are not permitted and approximately 35% are assumed, according to Business Insurance 2020 Insurance Wholesalers Ranking and Catalog. Worldwide Facility's operations are 57% unauthorized and 43% permitted. Catalog