Amwins Group Inc., a global distributor of specialty insurance products and services,With has purchased Worldwide Facilities, the fourth-largest wholesale broker, from Genstar Capital, a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries.
Ryan Clark, president and managing director at Genstar said, “We are very excited to complete this transaction in which we rolled nearly 100 percent of our equity and became a minority shareholder in Amwins. Specialty markets are experiencing rapid growth as the complexity of insurance products increases and premium rates continue to rise, and Genstar’s focus in the insurance sector helped us to identify both Worldwide and Amwins as businesses we wanted to invest in.”
Davis Moore, CEO of Worldwide, said, “During our partnership with Genstar we continued product expansion and successfully completed five acquisitions, including companies that expanded our nationwide footprint and increased our already diverse offerings. Amwins is a great cultural fit, including their broad-based employee equity plan. Worldwide clients can expect a continued high level of service, with access to a broader range of markets, products and tools. We look forward to partnering with Amwins and exploring many more opportunities as part of a scaled global organization.”
Waller Helms Advisors acted as exclusive financial advisor to Worldwide in the transaction. Ropes & Gray LLP served as legal counsel to Genstar and Worldwide.