Lloyd’s Broker THB Accepts Takeover Offer From AmWINS

London-based international Lloyd's insurance and reinsurance broker THB Group plc has accepted a takeover offer from AmWINS Group Inc.

AmWINS offered 80.55 pence(US$1.28) a share for 100% of THB, which operates mainly in London but also has an international presence. THB, which announced the talks in July 2011, said in October it would set a deadline of Nov. 14 on the offer (Best's News Service, Oct. 17, 2011).

The AmWINS offer puts THB's fully diluted share capital at about 31.8 million pounds ($51 million).

According to THB, the deal will raise AmWINS' annual premium total to more than $6.7 billion and enhance its role as an international specialty broker. The enlarged group will have 2,400 employees in 20 countries. THB will contribute about 430 employees to the total.

AmWINS has more than 70 offices in 17 countries. Fifty of these offices are in the United States. AmWINS is active in such areas as property/casualty and group benefits.

Frank Murphy, group chief executive of THB, said in a statement the agreement "is a natural extension of [the] existing relationship" between the two companies. Both AmWINS and THB, Murphy said, have similar cultures of independence and entrepreneurship.

"THB will retain its brand identity and remain independent of any one insurer or market," Murphy said.

M. Steven DeCarlo, AmWINS CEO, said the two companies have had "many years" of doing business together. "We share many of the same fundamental values and business philosophies," he said in a statement.

The deal will "combine THB's product expertise, capabilities and relationships with our existing worldwide distribution operations," DeCarlo said.

The THB group includes Lloyd's broker Thompson Heath & Bond Ltd., THB International Holdings Ltd. and THB UK Ltd. According to Best's Review, the group had 2010 revenues of $77.9 million.

(By Robert O'Connor, London editor: [email protected])