AmWINS Group said that it plans to combine with the Colemont Insurance Brokers to form a specialty insurance distributor placing around $4.8bn in annual premiums with over 1,800 employees in 16 countries.
According to companies, the combined organization will operate under AmWINS Group name and will be composed of four divisions that include AmWINS Brokerage that distributes property, casualty, and financial services products through retail brokerage clients; AmWINS Underwriting that will compose of several niche underwriting programs;
In addition, the new divisions also include AmWINS Group Benefits that will design, distribute and administer specialty group insurance products; and Colemont Global Group, AmWINS’ international division that will operate as full service insurance and reinsurance brokerage network headquartered in London.
The combined organization will have access to around 1,000 specialty lines markets, programs, and also in-house underwriting facilities and group benefits products.
AmWINS said that the combined firm will be led by Steve DeCarlo, CEO; Skip Cooper, president; James Drinkwater, president of US brokerage division; Sam Fleet, president of group benefits division; Michael Lapeyrouse, underwriting division leader and president of The American Equity Underwriters; and Surinder Beerh, CEO of Colemont Global Group.
Steven DeCarlo, CEO of AmWINS, said: “The combination results in broadened placement expertise, deepened collaboration and an overall ability to offer more solutions to our retail customers with an enhanced distribution system for our markets.”