THB agrees takeover terms with AmWINS

US broking conglomerate AmWINS Group has agreed to acquire 100% of the share capital of Lloyd’s broker THB Group at 80.55 pence per share.

The completion of the deal for AIM-listed THB will increase AmWINS’s distribution of annual premiums to more than US$6.7bn as well as employing 2,400 staff in 20 countries worldwide. 

“This is an exciting deal and I am delighted that we have agreed terms with AmWINS” said THB group chief executive Frank Murphy this morning.

“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. 

“In addition to cultural similarities, there is an excellent strategic fit which will enable the combined business to push forward with minimum disruption.”

He continued: “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. Importantly, THB will retain its brand identity and remain independent of any one insurer or market.”

AmWINS chief executive Steven DeCarlo said: “We have done business with THB for many years and believe that we share many of the same fundamental values and business philosophies. 

“We are therefore excited about the opportunity to work in partnership with the management and employees of THB.”

He added: “We are also excited about the opportunity to combine THB’s product expertise, capabilities and relationships with our existing worldwide distribution operations. We look forward to completing the acquisition of THB as another important step in our international expansion strategy to deliver specialty insurance products to our global client base.”