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Thursday, May 30, 2024

Charlotte insurance provider Amwins buying big California brokerage

Amwins Group, a Charlotte-based wholesaler of specialty insurance products and services, agreed to buy Los Angeles-based Worldwide Facilities, the fourth-largest U.S. wholesale insurance brokerage. The combined firm will have more than 6,150 employees in 155 offices and place $24 billion in annual premiums. Terms weren’t disclosed.

“The acquisition of Worldwide is a watershed moment not just for Amwins, but the specialty distribution space,” said Scott Purviance, Chief Executive Officer of Amwins, in a press release. “Over the last 19 years, we’ve been able to build an organization that stands out amongst the competition. With the addition of Worldwide to the Amwins family we are partnering with a very talented group of brokers and underwriters.”

The acquisition is expected to close in April. The combined firm will have 1,025 employee shareholders owning 43% of the business, Purviance says.

Worldwide CEO Davis Moore will join Amwins’ leadership team.

Amwins has acquired about 50 companies in becoming the largest specialty insurance distributor  in the U.S. It focuses on providing insurance in many different industries that may involve unusual risks versus more standard businesses.

In addition to its employee owners, San Francisco-based Dragoneer Investment Group and Canada’s Public Sector Pension Investment Board have owned major stakes in the company since 2016.

David Mildenberg
David Mildenberg
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.

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