|[December 18, 2012]
AmWINS Group, Inc. reaches definitive agreement to acquire Gresham & Associates
CHARLOTTE, N.C. --(Business Wire)--
AmWINS Group, Inc. ("AmWINS") today has reached a definitive
agreement to acquire Gresham & Associates, Inc. ("Gresham & Associates")
in a deal that is expected to close by the end of the year.
Gresham & Associates, which placed $340 million in premium last
year, was established in 1979 by Jim Gresham and has grown to become one
of the largest and most well-respected managing general agents (MGA) and
wholesale brokerages in the country. They are currently ranked by Business
Insurance as the sixth-largest MGA in the United States.
Once the acquisition is complete, the combined firm will place
more than $7.5 billion in annual premiums and be home to nearly 2,800
employees in 90 offices across 18 countries. As a leader in the
industry, the combined organization will have access to hundreds of
specialty lines markets and programs, as well as group benefits products
and unmatched in-house property and casualty underriting facilities.
In conjunction with the acquisition, Tony Gresham, current
president of Gresham & Associates, will assume the additional role of
CEO of Gresham & Associates with responsibility for all sales and
business operations. Jim Gresham will continue as Chairman of Gresham &
"Throughout the past three decades, we've built our firm on an
unwavering commitment to product expertise, service, and independence -
values which are shared by AmWINS," said Jim Gresham. "Partnering with
AmWINS enables us to strengthen that commitment through access to the
resources of a global organization. AmWINS' vision, combined with Tony's
leadership, will give us the opportunity to grow our platform and serve
our clients and markets better than ever before."
"Gresham & Associates is an established firm with a stellar
reputation as a leading MGA and wholesale broker," said M. Steven
DeCarlo, CEO of AmWINS. "This partnership gives us enhanced distribution
and allows us to deepen the relationships that both firms have built
with their clients and carrier partners. Additionally, the strength of
their binding authority capabilities is second to none and a natural fit
for us, as we look forward to growing that segment of our business.
We're truly thrilled to welcome all 220 of Gresham's associates to the
AmWINS Group, Inc. is a leading specialty distributor of insurance
products and services with expertise across a diversified mix of
property, casualty and group benefits products. With over 2,500
employees located in 18 countries, AmWINS handles over $7 billion in
premium annually through our four divisions: Brokerage, Underwriting,
Group Benefits and International. AmWINS is ranked by Business
Insurance as the largest P&C wholesale broker in the United States.
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