Amwins Group has agreed to acquire Worldwide Facilities, a wholesale broker. No financial terms were disclosed. Waller Helms Advisors was financial advisor to Worldwide Facilities in the transaction. Amwins’ backers include New Mountain Capital, ACAS, LNC Partners and Dragoneer.
CHARLOTTE, N.C., March 5, 2021 /PRNewswire/ — Amwins Group, Inc. (“Amwins”), a global distributor of specialty insurance products and services, has signed a definitive agreement to acquire Worldwide Facilities (“Worldwide”), the fourth-largest wholesale broker in the U.S. Worldwide broadens Amwins’ specialty capabilities and expands its footprint, especially on the west coast.
“The acquisition of Worldwide is a watershed moment not just for Amwins, but the specialty distribution space,” said Scott M. Purviance, Chief Executive Officer of Amwins. “Since the beginning, we’ve believed that scale and specialization are key to delivering for our clients. 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. Worldwide has a very similar culture to Amwins and has a significant employee ownership base. The combined firm will have over 1,025 employee shareholders owning 43% of the business.”
Expected to close in April 2021, this transaction will reinforce Amwins’ position as the industry’s largest and most diversified specialty distribution firm. Worldwide clients can expect a continued high level of service, with access to a broader range of markets, products and tools. The Worldwide team, led by Davis Moore, will join Amwins’ leadership team.
The acquisition adds to Amwins’ strong track record of 50 previously acquired companies, and the combined firm will have more than 6,151 employees in over 155 offices across the U.S., and place in excess of $24B in premium annually. The continued growth and expanded scale of Amwins will enable additional investment in people, technology and analytical tools to benefit our retail clients.
“We are excited to join the Amwins family and the opportunities this partnership offers,” said Davis Moore, Chief Executive Officer of Worldwide. “Our organizations complement each other very well from a culture and business philosophy perspective. Together, we can use our scale to continue to invest in people, technology, product and tools to deliver specialized solutions to our retail clients.”
Waller Helms Advisors acted as exclusive financial advisor to Worldwide Facilities in the transaction.
Terms of the transaction were not disclosed. To learn more about Amwins, visit www.amwins.com.
About Amwins Group, Inc.
Amwins Group, Inc. is the largest independent wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products, and administrative services. Based in Charlotte, N.C., the company operates through more than 125 offices globally and handles premium placements in excess of $22 billion annually. To learn more, visit www.amwins.com.
About Worldwide Facilities
Worldwide Facilities is a national wholesale insurance broker, managing general agent and program underwriter that has been in business since 1970. Its brokers and underwriters are industry leaders providing expertise in a wide range of specialty lines, as well as extensive contacts with carriers domestically and overseas. For more information, please visit wwfi.com.