AmWINS set to acquire Bermuda-based International Specialty Brokers

AmWINS Group, a global distributor of specialty insurance products and services, has signed a definitive agreement to acquire International Specialty Brokers (ISB), a Bermuda-based P&C wholesale re/insurance broker.

ISB will join AmWINS Brokerage and become AmWINS Bermuda on January 1, 2021. The acquisition will enhance AmWINS’ access to the international marketplace. It will also complement the products offered by the AmWINS alternative risk team, including catastrophic natural disasters, emerging risks and non-peril specific revenue protections, AmWINS said.

Terms of the transaction were not disclosed.

Alan Mooney, chief executive officer of ISB, highlighted the deep network of relationships enjoyed by both firms. “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,” he said.

Alan Waring, founder and owner of ISB, added: “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 organisation, we will not only expand our market access but will have enhanced capacity to deliver the best solutions at the best terms.”

Scott Purviance, chief executive officer of AmWINS, said: “With their comprehensive access to the Bermuda market, ISB will enable us to provide additional capacity and strategic capabilities for our retail clients and our AmWINS brokers.”

Roland Andy Burrows, chief executive officer of the Bermuda Business Development Agency, welcomed the news. “As one of the world’s most important hubs for insurance and reinsurance, we continue to see new capital flowing in, new licenses being issued and new start-ups being established,” he said.