AmWINS Group, Inc. Completes Acquisition of Networked Insurance Agents
CHARLOTTE, NC — AmWINS Group, Inc. (“AmWINS”), a global distributor of specialty insurance products and services, today announced the acquisition of Networked Insurance Agents (“Networked”), a leading insurance aggregator specializing in the standard lines insurance segment.
“The addition of Networked Insurance Agents to our AmWINS Access division significantly expands our capabilities in small to mid-market accounts,” said M. Steven DeCarlo, CEO of AmWINS. “We have invested heavily in this segment of our business in order to help solve our retail clients’ challenges with small business, and our partnership with George Biancardi and the entire Networked team represents a substantial broadening of our capabilities in the standard lines market.”
Founded in 1993, Networked connects independent P&C agencies to relevant markets and service resources to help them compete on every piece of business. Networked offers independent P&C agents and brokers placement services for business, home and auto accounts, plus back office support and innovative online tools.
“Over the past 24 years, Networked has grown into the preeminent aggregation platform on the West Coast,” said George Biancardi, President and CEO of Networked. “Our partnership with AmWINS will enable us to get to the next level, as it offers us the ability to expand geographically, provides us with industry-leading E&S products, and gives us access to AmWINS’ technology, actuarial services, and deep analytical capabilities.”
AmWINS Access is a nationwide binding authority for small property and casualty business. As the small business division of AmWINS Group, AmWINS Access provides the expertise and market access of the largest P&C wholesaler in the United States, combined with more than 20 binding authority agreements, including exclusive markets and products.
“We have built our brand on helping our retail clients with specialty and hard to place accounts,” said Ben Sloop, President of AmWINS Access. “Now, with the addition of Networked, we can offer our retailers a full range of placement solutions across both standard lines and E&S, including the ability for our retail clients to fully outsource placements and back office services to us.”
Terms of the transaction were not disclosed.
