Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries, today announced that it has completed the sale of Worldwide Facilities (“Worldwide”), the fourth-largest wholesale broker in the U.S., to Amwins Group, Inc. (“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 $2 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 U.S.
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 U.S., and place in excess of $24 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.
Source: Cision PR Newswire
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