Charlotte, N.C. (USA) – AmWINS Group, Inc. (“AmWINS”) and Colemont Global Group (“CGG”) today announced that the two companies will be combined to form the leading specialty insurance distributor placing over $4.8 billion in annual premiums with over 1,800 employees in 16 countries worldwide.
The parent company and U.S. based operations will operate under the AmWINS Group, Inc. name. The combined firm will be led by M. Steven DeCarlo, CEO; Skip Cooper, President; Surinder Beerh, CEO, Colemont Global Group; James Drinkwater, President, U.S. Brokerage Division; Sam Fleet, President, Group Benefits Division; and Michael Lapeyrouse, Underwriting Division Leader and President, The American Equity Underwriters, Inc.
“We are gratified and excited to bring the talent of AmWINS and Colemont together,” said M. Steven DeCarlo, CEO of AmWINS Group, Inc. “Not only does this combination strengthen our geographic footprint, but more importantly, we have expanded the expertise and capabilities available to our clients. The combination results in broadened placement expertise, deepened collaboration and an overall ability to offer more solutions to our retail and reinsurance clients with an enhanced distribution system for our markets.”
CGG is a full service worldwide insurance and reinsurance brokerage network that was established in early 2005 and has rapidly expanded to now include over 25 offices employing over 350 professionals in 16 countries. CGG will serve as AmWINS’ International Division and will continue to operate under the Colemont Global Group name and leadership structure with no changes to local leadership or relationships.
“AmWINS clearly recognises and appreciates the progress that we have made over the last 5 years in building a premiere worldwide insurance brokerage network,” said Surinder Beerh, CEO of CGG. “Partnering with AmWINS is an exciting next step in the development of Colemont Global Group and the expansion of our international strategy.”
“The opportunity to partner with Surinder and build upon the existing international network and capabilities of Colemont Global Group is an exciting part of this combination,” said Skip Cooper, President of AmWINS. “The strengths and capabilities of CGG and the international teams is a perfect complement to our diversification strategy as we constantly strive to provide the best solutions for our clients.”
The combined strengths of both companies will create a new organisation that has significant talent, broad expertise and specialty capabilities. Both AmWINS and Colemont have similar cultures, including a focus on expertise and a commitment to building strong relationships with clients and markets.
Terms of the transaction were not disclosed. Macquarie Capital Advisors acted as financial advisor to Colemont.
About AmWINS Group, Inc.
AmWINS Group, Inc. is the second largest wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance agents by providing property and casualty products, group insurance programs and administrative services. Based in Charlotte, NC, the company operates through more than 45 offices across the United States and handles premium placements in excess of $3.5 billion dollars annually. To learn more, visit www.amwins.com.
About Colemont Insurance Brokers
Colemont Insurance Brokers is ranked among the largest specialty insurance brokers in the United States. Founded in 1992, the company is home to 700 insurance professionals across the globe, who together placed over $1.3 billion in gross premium last year. With access to hundreds of specialty lines, markets, and programs, as well as in-house underwriting facilities, Colemont's brokers and underwriters are highly experienced at placing property, casualty, transportation, or financial services risks. To learn more, visit www.colemont.com.