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It’s been a significant day for insurance agents across the US as one of the most well-established aggregators in the country has been the subject of a significant acquisition.
AmWINS Group, Inc., the speciality wholesale distributor of insurance products and services, has swooped to pick up Networked Insurance Agents which has more than 1,100 affiliate members and partnerships with more than 50 insurance carriers. The move comes little over a month after Networked announced its own national expansion.
“The addition of Networked Insurance Agents to our AmWINS Access division significantly expands our capabilities in small to mid-market accounts,” said M. Steven DeCarlo, CEO of AmWINS. “We have invested heavily in this segment of our business in order to help solve our retail clients’ challenges with small business, and our partnership with George Biancardi and the entire Networked team represents a substantial broadening of our capabilities in the standard lines market.”
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Networked, which was set up in 1993, is designed to connect property and casualty agencies with relevant markets so they can compete in a variety of businesses. It offers brokers and agents a host of tools and support – something it aims to retain as part of the AmWINS deal, but that it can now expand to a much larger scale according to George Biancardi, Networked’s CEO and president.
“Over the past 24 years, Networked has grown into the preeminent aggregation platform on the West Coast,” he said. “Our partnership with AmWINS will enable us to get to the next level, as it offers us the ability to expand geographically, provides us with industry-leading E&S products, and gives us access to AmWINS’ technology, actuarial services, and deep analytical capabilities.”
Terms of the transaction were not disclosed.
