AmWINS Group, Inc. (AmWINS), a global distributor of speciality insurance products and services, has reached an agreement in principle to acquire The Flood Insurance Agency (TFIA), a Florida-based managing general agency that specialises in private market flood insurance.
“The addition of The Flood Insurance Agency will significantly increase our capabilities for personal lines flood products,” said Scott M. Purviance, Chief Executive Officer of AmWINS Group, Inc. “We are incredibly excited to partner with Evan and his team. Their reputation in the flood market is unparalleled. Not only will TFIA enhance our personal lines flood product offerings, but also will provide us with the opportunity to distribute a new and innovative commercial flood product to our retail clients in the very near future.”
The Flood Insurance Agency, operating as a Program Administrator for Lexington Insurance Company, provides access to Private Market Flood™, an alternative to the National Flood Insurance Program.
“AmWINS is the largest specialty insurance distributor in the U.S., but more importantly is the ideal cultural fit for TFIA,” said Evan Hecht, Founder and Chief Executive Officer of The Flood Insurance Agency. “Our specialized approach enables us to provide access to superior products and results for our clients and markets.”
AmWINS offers a variety of P&C programs for specific product lines, industry segments, and business types. With decades of experience in highly specialised markets and industry niches, AmWINS underwriters have earned the trust of major carriers. AmWINS offers more than 60 in-house programs and binding authorities and underwrites over $1.8B in annual premium., through our Underwriting and Access divisions.
The transaction is expected to close in February, pending regulatory approval and customary closing conditions. Terms of the transaction were not disclosed.