CHARLOTTE, N.C. - In a move to expand its brokerage capabilities, Amwins has entered into a definitive agreement to purchase Connected Risk Solutions, the wholesale E&S insurance brokerage arm of BRP (NASDAQ:DOOO) Group, Inc. (NASDAQ:BRP). The transaction, which is subject to customary closing conditions, is expected to complete on March 1, 2024.
Connected Risk Solutions specializes in healthcare and cyber insurance solutions and was established in January 2020 after BRP Group acquired Highland Risk Services, LLC and merged it with AB Risk Specialist, LLC and KB Risk Solutions, LLC. The acquisition by Amwins will include around 40 Connected Risk Solutions employees, primarily based in Atlanta and Chicago.
Jeff McNatt, President of Amwins Brokerage, expressed enthusiasm about the acquisition, highlighting the opportunity to integrate the expertise of Connected Risk Solutions with Amwins' existing team to better serve specialty areas. Trevor Baldwin, CEO of BRP, also remarked positively on the long-standing relationship between the two firms and his confidence in Amwins as the new home for Connected Risk Solutions' clients and colleagues.
The sale is part of BRP's strategy to concentrate on its core retail and MGA insurance businesses and to streamline operations. Both parties anticipate that the acquisition will benefit their growth and focus areas while providing opportunities for the involved employees and clients.
Amwins is known as the largest independent wholesale distributor of specialty insurance products in the United States, with a vast distribution platform that serves retail insurance agents. The company boasts over 7,300 employees, operates through more than 155 offices worldwide, and handles premium placements exceeding $33 billion annually.
This article is reported based on a press release statement.
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