New York-headquartered Amynta Group has entered into a definitive agreement to acquire Sutton Special Risk Inc., a managing general underwriter (MGU) based in Toronto, Canada.
The acquisition is part of Amynta’s plans to expand its Canadian presence, as well as strengthen its offerings in the accident and health sector.
Sutton Special Risk specializes in accident and health coverages, with an expansive portfolio that includes personal accident, disability, critical illness, and specialty coverages tailored for professional sports and entertainment. The MGU has a history dating back to 1978. This year, it managed premiums totalling $65 million.
President and CEO Greg Sutton will continue to lead the company following Amynta’s acquisition. He has been at the head of Sutton for over 12 years.
Robert Giammarco, chairman and CEO of Amynta Group, commented on the acquisition and commended the Sutton team for its “successful track record of delivering client-focused solutions.”
“Sutton brings specialty A&H capabilities to Amynta, expanding our underwriting reach with proven leaders in the market,” said Giammarco.
“We see significant opportunities to build on Sutton's strong offering and client-centric approach to expand their business. We are excited to welcome Greg and his associates to Amynta.”
The deal to acquire Sutton is still subject to customary closing conditions, including regulatory approvals, according to an Amynta news release.
“We are thrilled to partner with Amynta, who shares our vision and ambitions for the business,” said Sutton.
“Joining forces with Amynta marks a pivotal milestone in the success and future of Sutton, setting the stage for our next chapter of growth. We look forward to continuing to provide our customers with the same high-quality service and solutions.”
Earlier this year, Amynta subsidiary Sym-Tech Dealer Services acquired Beneva Group’s SSQ Dealer Services.
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