PSP Investments invests in U.S. specialty insurance provider AmWINS

The private equity group of Public Sector Pension Investment Board (PSP Investments) has made a strategic investment in AmWINS Group Inc, a distributor of specialty insurance products and services headquartered in Charlotte, North Carolina. The investment values the company at more than US$2.3 billion. As a result of the transaction, AmWINS is now equally owned by PSP, U.S. private equity firm New Mountain Capital, and the company’s employees. The Montréal-based PSP, which currently has a $5 billion co-investment portfolio comprised of 12 businesses, including AmWINS, said the investment will support the company’s continued global expansion.

PRESS RELEASE

AmWINS Group Partners with Canadian Pension Fund

April 20, 2015

CHARLOTTE, N.C.–(BUSINESS WIRE)–AmWINS Group (“AmWINS”), a global distributor of specialty insurance products and services, announced today the completion of a strategic investment by the Public Sector Pension Investment Board (“PSP Investments”).

The investment, by one of Canada’s largest pension investment managers, values AmWINS at an enterprise value in excess of $2.3 billion. With the addition of PSP Investments, AmWINS is now equally owned by PSP Investments, New Mountain Capital and more than 400 AmWINS employees.

From its beginning in 2002, Charlotte-based AmWINS has grown organically and through acquisitions. AmWINS currently:

Places more than $10.8 billion in premiums annually with its insurance markets on behalf of its retail insurance clients;
Has 98 locations, including 26 locations outside of the United States, with more than 3,300 employees; and
Has completed 35 acquisitions across its five operating divisions.

“Our partnership with PSP Investments is an exciting step in building a long-term capital base as we continue to focus on providing a competitive edge to our employees, clients and markets,” said M. Steven DeCarlo, CEO of AmWINS. “PSP Investments has a long-term investment philosophy. That commitment, combined with our broad employee ownership, uniquely positions us to be able to focus on our clients and enhances our ability to execute our 150-year strategic vision.”

“PSP Investments is delighted to partner with AmWINS to build on the company’s industry leadership, growth opportunities and expansion possibilities for continued long-term success. This partnership is consistent with our strategy of working with best-in-class management teams,” said Jim Pittman, Managing Director, Private Equity for PSP Investments. “PSP Investments’ Private Equity group now has a CAN$5 billion co-investments portfolio of 12 companies including AmWINS, and we continue to focus on adding three to four companies internationally each year.”

“We welcome PSP Investments as our partner and thank the AmWINS team for the great work they have done since New Mountain first invested in 2012,” said Steve Klinsky, CEO of New Mountain Capital. “With PSP Investments as our partner, we believe AmWINS is now even better positioned for future growth.”

AmWINS is the largest specialty insurance broker in the U.S. as ranked by Business Insurance magazine. AmWINS has extensive relationships with more than 20,000 retail insurance brokerage firms and more than 800 insurance underwriting markets.

About AmWINS Group

Headquartered in Charlotte, North Carolina, AmWINS is a leader in the specialty insurance brokerage industry with offices in 98 locations across 17 countries, including 72 in the United States. The firm has expertise across a diversified mix of property, casualty, group benefits and specialty insurance products. AmWINS also offers value-added services to support its products, including product development, underwriting, premium/claims administration and actuarial services.

With more than 3,300 employees, AmWINS currently receives more than 675,000 submissions a year from retail insurance agents across the United States. AmWINS has twice been honored by the Charlotte Business Journal for being the region’s fastest growing company by dollar revenue growth, and it has become the industry’s largest specialty insurance distributor placing more than $10.8 billion in premium placements annually. For more information, please visit www.amwins.com.

About New Mountain Capital

New Mountain Capital is a New York-based private equity firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $15 billion in aggregate capital commitments. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.

About PSP Investments

The Public Sector Pension Investment Board (“PSP Investments”) is one of Canada’s largest pension investment managers with $99.5 billion of net assets under management as of September 30, 2014. Its highly‐skilled and dedicated team of professionals manages a diversified global portfolio including public equities, private equity, bonds and other fixed‐income securities, real estate, infrastructure and renewable resources. PSP Investments is a Crown corporation established to manage employer and employee net contributions since April 1, 2000, to the pension funds of the federal Public Service, the Canadian Forces and the Royal Canadian Mounted Police, and since March 1, 2007, of the Reserve Force. PSP Investments’ head office is located in Ottawa, Ontario, and its principal business office is in Montréal, Québec. For more information about PSP Investments, visit www.investpsp.ca.

Contacts
AmWINS Group
William Nichols, 704-749-2700
Vice President of Business Development

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