3 Dec 2013
AmWINS Group Reaches Definitive Agreement to Acquire eReinsure
December 3, 2013 – AmWINS Group, Inc. (“AmWINS”) today announced that it has reached a definitive agreement with Fortegra Financial Corporation to acquire eReinsure in a deal that is expected to be completed within 30 days.
AmWINS is a leading specialty distributor of insurance products and services with expertise across a diverse mix of property, casualty and group benefits products, and was ranked by Business Insurance magazine in 2013 as the largest P&C wholesale broker in the United States. Following the close of this transaction, AmWINS will employ more than 3,200 employees in 108 offices across 17 countries, including 78 in the United States. The firm will handle more than $9.5 billion in premium across four divisions – Brokerage, Underwriting, Group Benefits and International.
eReinsure has an exceptionally strong and respected brand in the reinsurance marketplace and a proven technology platform for the negotiation and placement of facultative reinsurance. There are no plans to change its name, identity, operating autonomy or leadership structure.
“AmWINS has built a proven and successful distribution model focused on serving retailers and insurance markets. The trusted web-based placement support and control system that eReinsure has developed since we founded the company 14 years ago provides a perfect complement to that model,” said Igor Best-Devereux, President and CEO of eReinsure. “I am confident that our mutual beliefs about independence and commitment to investments in technology will enable us to provide valuable new services to eReinsure’s customers and partners.”
“Finding new ways to improve on the service we deliver to our clients is a long-standing strategy of ours, and continually incorporating and investing in technology is one way we do that,” said M. Steven DeCarlo, CEO of AmWINS. “eReinsure, and the platform they have developed, helps us advance that mission.”
eReinsure is located in Salt Lake City, Utah, and has additional offices in London and New York City.