AmWINS to acquire THB Group
by Gill Montia
Story link: AmWINS to acquire THB Group
London-market re/insurance broker, THB, has confirmed that AmWINS has formally declared its intent to acquire 100% of the firm’s share capital at 80.55 pence per share.
The acquisition will leave THB with its brand identity in tact and should position AmWINS as a leading international specialty insurance distributor, placing more than $6.7 billion in annual premiums.
The combined group will have around 2,400 employees in 20 countries worldwide.
“The acquisition is a natural extension of our existing relationship with AmWINS which shares with THB the same principles of independence and an ethos of entrepreneurialism”, said Frank Murphy, THB group chief executive.
He adds: “This deal will extend THB’s international reach and bolster its market power, enabling our talented employees to take advantage of significant growth opportunities in London and beyond.”
In most recently reported results, THB said it had made a strong start to its financial year, with fees and commissions up 6%, to £26 million, in the six months to the end of April 2011 and pre-tax profit rising 100%, to £1.9 million.