AmWINS formalises offer for THB

Monday 14th November 2011, London - The board of insurance and reinsurance broking and risk management group, THB Group plc, can confirm today that AmWINS Group, Inc. has formally declared its intent to acquire 100% of the share capital of THB at 80.55 pence per share.

THB is based principally in the London market serving clients and markets across the UK and internationally through its network of offices worldwide. The firm has been listed on the London Stock Exchange (AIM) since October 2002.

Upon completion, the acquisition will further position AmWINS as a leading international specialty insurance distributor placing more than US$6.7 billion in annual premiums with some 2,400 employees in 20 countries worldwide. 

"This is an exciting deal and I am delighted that we have agreed terms with AmWINS" said Frank Murphy, Group Chief Executive of THB.  "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.  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."

"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," said M. Steven DeCarlo, CEO of AmWINS. "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."