FFI Holdings Plc, the holding company for Film Finances, Inc., has snapped up a motorsports entertainment insurance book from the largest independent wholesale insurance brokerage in the US.
A report by
Alliance News said FFI subsidiary Reel Media LLC acquired the business for US$1.8 million (around NZ$2.47 million) from All Risks, Ltd. The purchased unit is expected to generate US$600,000 in annualised earnings before interest and tax.
“We are excited to announce Reel Media’s first transaction following our acquisition last month,” said FFI chief executive Steven Ransohoff, as quoted by the report. “We continue to pursue affiliations with other insurance intermediaries and hope to announce an additional transaction before month-end.”
FFI, founded in London and now headquartered in Los Angeles, provides completion contracts to the entertainment industry. The All Risks business, meanwhile, is a provider of specialty and commercial coverage to race teams and tracks, as well as associations and sanctioning bodies.
With more than 10 offices globally, FFI has an extensive network of relationships with the studios, streaming companies, producers, and financiers involved in the production of film and television content. It bought US-based entertainment insurance agency Reel Media before the end of 2017 to broaden its capabilities.
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