Amwins continues its winning streak with the announcement of a new acquisition in excess and surplus (E&S) lines.
The specialty distributor has signed a definitive agreement to acquire Connected Risk Solutions, LLC, a wholesale E&S brokerage, from BRP Group for $59 million. Connected Risk Solutions is set to be ‘integral’ in enhancing Amwins brokerage capabilities, particularly in the critical areas of healthcare and cyber insurance.
The acquisition will see Connected Risk Solutions’ 40 Atlanta- and Chicago-based professionals joining the group’s talent pool. It also values the E&S specialist at approximately 12 times the firm’s profits, generating $34 million in gross revenue and $5 million in adjusted EBITDA.
Amwins recently marked success in the industry through Insurance Business America’s top specialist wholesale insurance brokers awards for 2024, with three of its top personnel making the prestigious cut – Alex Kaplan (EVP for alternative risk), Jordan Connelly (EVP for healthcare), and Megan North (EVP).
Jeff McNatt, president of Amwins Brokerage, expressed enthusiasm about the acquisition, highlighting the benefits of combining expertise with the Connected Risk Solutions team.
“We are pleased that the Connected Risk Solutions team is joining the Amwins’ Brokerage team so that we can collectively leverage our expertise, particularly in the specialty areas of healthcare and cyber,” McNatt said.
Trevor Baldwin, chief executive officer of BRP, also reflected on the long-standing wholesale trading relationship with Amwins, expressing confidence in it as the ideal new home for Connected Risk Solutions’ clients and colleagues.
“BRP has had a preferred and trusted wholesale trading relationship with Amwins for many years and we believe Amwins will be a fantastic home for all of our Connected Risk Solutions clients and colleagues,” Baldwin said.
The sale of Connected Risk Solutions to Amwins also aligns with BRP’s strategic goal to concentrate on its core retail and managing general agent (MGA) insurance businesses while streamlining operations. Baldwin praised the contributions of the Connected Risk Solutions team to the company’s clients and its growth, viewing the acquisition as a positive development for BRP, Amwins, and the team members involved.
Established in January 2020, Connected Risk was founded following BRP Group’s acquisition of Highland Risk Services, LLC, and its subsequent combination with AB Risk Specialist, LLC, and KB Risk Solutions, LLC.
The transaction is expected to close on March 1, 2024 and is subject to customary closing conditions.
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