Genstar Capital completes sale of Worldwide Facilities to Amwins Group
Private equity firm Genstar Capital has completed the sale of Worldwide Facilities (Worldwide), the fourth-largest wholesale insurance broker in the US, to Amwins Group (Amwins), a global distributor of specialty insurance products and services.
Worldwide acts as a value-add intermediary between retail insurance agencies and specialty insurance companies and creates innovative insurance solutions for emerging risks and exposures. The company wrote nearly USD2 billion in gross premiums in 2020 and has experienced double digit growth for the past five years. Founded in 1970, the company is headquartered in Los Angeles and has over 35 offices across the US
Worldwide broadens Amwins’ specialty capabilities and expands its footprint, especially on the west coast. The combined company will have more than 6,150 employees in over 155 offices across the US, and place in excess of USD24 billion in premium annually. The Worldwide team, led by Davis Moore, will join the Amwins’ leadership team, while Ryan Clark of Genstar will join Amwins’ Board of Directors.
Ryan Clark, President and Managing Director at Genstar, says: “We are very excited to complete this transaction in which we rolled nearly 100 per cent of our equity and became a minority shareholder in Amwins. Specialty markets are experiencing rapid growth as the complexity of insurance products increases and premium rates continue to rise, and Genstar’s focus in the insurance sector helped us to identify both Worldwide and Amwins as businesses we wanted to invest in.”
Davis Moore, Chief Executive Officer of Worldwide who joined the company in 1985, said, “During our partnership with Genstar we continued product expansion and successfully completed five acquisitions, including companies that expanded our nationwide footprint and increased our already diverse offerings. Amwins is a great cultural fit, including their broad-based employee equity plan. Worldwide clients can expect a continued high level of service, with access to a broader range of markets, products and tools. We look forward to partnering with Amwins and exploring many more opportunities as part of a scaled global organisation.”
Clark, adds: “We had an outstanding working partnership with Davis and his management team over the past 17 months and are excited to now partner with the Amwins team. We would also like to thank John Addeo and Rick Taketa of Genstar’s Strategic Advisory Board, whose expertise in the insurance distribution industry was instrumental, and we want to thank them for a great partnership.”