US specialty insurance products distributor AmWINS has purchased a niche Managing General Underwriter, Special Markets Insurance Consultants (Smic), for an undisclosed sum.
Established in 1985, Smic offers student accident medical, catastrophe medical, general liability and related insurance programs for elementary and secondary schools, colleges, youth groups, church groups, recreational programs and sports-related associations across the US.
AmWINS CEO Steven DeCarlo said, "Their product expertise and distribution relationships are a perfect fit with our specialty focus and diversification strategy."
Under the terms of the merger agreement, Smic’s CEO Kim Walker will continue to lead the Managing General Underwriter, along with Nora Stransky.
"AmWINS’ culture, distribution model and focus on expertise will help us to expand our market share and better serve our clients and markets," Walker added.
AmWINS Group, a wholesale distributor of specialty insurance products, manages more than $6.7bn in premium per annum with the help of 2,500 employees situated in 18 geographies.