Based mostly in West Hills, CA, Westwood Insurance coverage Company is owned by QBE Holdings. The company is a full-service private strains company specializing in builder-sourced owners insurance coverage. Westwood has additionally established itself as a premier accomplice with a few of the largest homebuilders within the US, and has annual revenues of about $81.8 million.
“Alan and his staff at Westwood have constructed a world-class group, and we couldn’t be extra excited to be partnering collectively,” mentioned BRP Group CEO Trevor Baldwin. “Representing the most important partnership up to now in BRP Group’s historical past, Westwood’s embedded enterprise mannequin and proprietary expertise add invaluable experience to the BRP Group household. We welcome Alan and the complete Westwood staff to BRP Group.”
“We all know, first-hand, what a novel and strategic asset Westwood represents, and we’re thrilled to accomplice with the Westwood staff,” added BRP Group chief innovation officer Jim Roche.
“This chance couldn’t have come at a greater time as Westwood celebrates our seventieth anniversary this 12 months. I’m really excited to hitch the BRP Group household and for this new chapter in Westwood’s historical past,” mentioned Westwood president Alan Umaly.
On high of the acquisition, BRP Group’s Millennial Specialty Insurance coverage, LLC (MSI) has entered right into a Program Administrator Settlement with a QBE affiliate to imagine operations of QBE’s builder-sourced owners’ e book. This association is predicted so as to add $200 million of premium to MSI’s owners managing basic agent (MGA) platform.
“We consider there’s a large alternative to leverage our collective relationships, proprietary expertise and product choices for future progress,” mentioned Roche.
Earlier than founding MSI, Roche led the technique of QBE North America Private Traces for 4 years, which included overseeing Westwood’s strategic course.
As a part of the settlement, MSI will assume all MGA features related to the e book of enterprise. QBE will provide steadiness sheet capability for this e book for 5 years and MSI is not going to assume any steadiness sheet danger associated to it.
“A very pleasing end result for all events concerned – particularly the Westwood Insurance coverage Company staff. The method offers us confidence that that is the start of an encouraging partnership with BRP Group,” mentioned QBE North America CEO Todd Jones.
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