MSIG North America, a subsidiary of MS&AD Insurance Group Holdings, and wholesale distributor Amwins have entered a strategic partnership that will see MSIG NA providing substantial underwriting capacity for over 20 Amwins underwriting programs.
The move is said to be part of a broader initiative by MS&AD to reinforce its commitment to the North American market.
MS&AD is the 8th largest property and casualty insurer in the world by revenue, while Amwins is hailed as the largest independent wholesale distributor of specialty insurance products in the US.
In a press release announcing the partnership, both MSIG NA and Amwins expressed their intention to deliver specialty insurance solutions while enhancing value and service for clients.
By leveraging their combined strengths, the two organizations are expected to drive innovation, push boundaries, and deliver unparalleled insurance solutions to clients.
The partnership also demonstrates their commitment to fostering growth, collaboration, and excellence in the industry, the release stated.
“We are thrilled to partner with MSIG NA to deploy capital across our diverse portfolio of underwriting programs,” said Amwins CEO Scott Purviance. “Our innovative arrangement supports existing business, but also provides a catalyst for new product development.”
“This collaboration marks a noteworthy milestone in our plans to expand our presence in the US market,” added Peter McKenna, CEO and president of MS Distribution Holdings. “Amwins’ reputation as a leading independent wholesale distributor of specialty insurance products in the US aligns perfectly with our strategic objective of profitable growth.”
In May, MS&AD released its summary of financial statements for the year ended March 31, 2023, reporting an underwriting income of ¥4.5 trillion (approximately US$32.5 billion) and an investment income of ¥745.7 billion.
Earlier that same month, Amwins announced the appointment of Andrew McKay as president of Amwins Specialty Casualty Solutions (ASCS).
What are your thoughts on this story? Feel free to comment below.
