Global distributor of specialty insurance products and services, AmWINS Group Inc, has signed a definitive agreement to acquire Bermudian-based property and casualty wholesale insurance/reinsurance broker International Specialty Brokers Ltd.

The news has been hailed as underscoring “the current confidence that exists in the Bermuda marketplace”.

ISBL will join AmWINS Brokerage and become AmWINS Bermuda on January 1, the company said.

Scott Purviance, chief executive officer of AmWINS, said: “We are excited to partner with Alan Waring, Alan Mooney and the entire ISBL team.

“With their comprehensive access to the Bermuda market, ISBL will enable us to provide additional capacity and strategic capabilities for our retail clients and our AmWINS brokers.”

AmWINS said ISBL enhances its access to the international marketplace and will complement the wide range of products offered by the AmWINS alternative risk team, including catastrophic natural disasters, emerging risks and non-peril specific revenue protections.

Mr Waring, founder and owner of ISBL, said: “Partnering with AmWINS will only further our competitive advantage. We know agents and insureds are looking for the most creative and flexible ways to manage risk and to protect their assets and economic well-being.

“As part of a larger organisation, we will not only expand our market access but will have enhanced capacity to deliver the best solutions at the best terms.”

AmWINS said the two firms have a strong specialty insurance background and share a history as independent, full-service wholesale brokers.

Mr Mooney, chief executive officer of ISBL, said: “AmWINS and ISBL both have a deep network of relationships. Combined, we can offer unique access to various types of markets and solutions, as well as enhancing AmWINS’ product capabilities by providing direct access to the Bermuda marketplace.”

Roland Andy Burrows, CEO of the Bermuda Business Development Agency, said: “We were very pleased to hear the news of this partnership which underscores the current confidence that exists in the Bermuda marketplace.

“As one of the world’s most important hubs for insurance and reinsurance, we continue to see new capital flowing in, new licenses being issued and new start-ups being established. We are excited to welcome AmWINS to Bermuda.”

Terms of the transaction were not disclosed.