Posted on 20 Dec 2012 by Neilson
AmWINS Group, Inc. today has reached a definitive agreement to acquire Gresham & Associates, Inc. ("Gresham & Associates") in a deal that is expected to close by the end of the year.
Gresham & Associates, which placed $340 million in premium last year, was established in 1979 by Jim Gresham and has grown to become one of the largest and most well-respected managing general agents (MGA) and wholesale brokerages in the country. They are currently ranked by Business Insurance as the sixth-largest MGA in the United States.
Once the acquisition is complete, the combined firm will place more than $7.5 billion in annual premiums and be home to nearly 2,800 employees in 90 offices across 18 countries. As a leader in the industry, the combined organization will have access to hundreds of specialty lines markets and programs, as well as group benefits products and unmatched in-house property and casualty underwriting facilities.
In conjunction with the acquisition, Tony Gresham, current president of Gresham & Associates, will assume the additional role of CEO of Gresham & Associates with responsibility for all sales and business operations. Jim Gresham will continue as Chairman of Gresham & Associates.
"Throughout the past three decades, we've built our firm on an unwavering commitment to product expertise, service, and independence - values which are shared by AmWINS," said Jim Gresham. "Partnering with AmWINS enables us to strengthen that commitment through access to the resources of a global organization. AmWINS' vision, combined with Tony's leadership, will give us the opportunity to grow our platform and serve our clients and markets better than ever before."
"Gresham & Associates is an established firm with a stellar reputation as a leading MGA and wholesale broker," said M. Steven DeCarlo, CEO of AmWINS. "This partnership gives us enhanced distribution and allows us to deepen the relationships that both firms have built with their clients and carrier partners. Additionally, the strength of their binding authority capabilities is second to none and a natural fit for us, as we look forward to growing that segment of our business. We're truly thrilled to welcome all 220 of Gresham's associates to the AmWINS family."
AmWINS Group, Inc. is a leading specialty distributor of insurance products and services with expertise across a diversified mix of property, casualty and group benefits products. With over 2,500 employees located in 18 countries, AmWINS handles over $7 billion in premium annually through our four divisions: Brokerage, Underwriting, Group Benefits and International. AmWINS is ranked by Business Insurance as the largest P&C wholesale broker in the United States.