Global specialty insurer AmWINS Group (AmWINS) has expanded its capabilities in personal and commercial flood insurance with the acquisition of The Flood Insurance Agency (TFIA), a Florida-based managing general agency that specializes in private market flood insurance.
TFIA was founded in 1984 and is located in Gainesville, FL. For over 25-years, it has specialized in the distribution of private flood insurance throughout the US.
Now operating as a program administrator for Lexington Insurance Company (Lexington), TFIA provides private market flood coverage as an alternative to the National Flood Insurance Program (NFIP).
The firm’s private flood insurance program now insures over $4.5 billion of property spread over 25,000 risks. It has registered over 3,000 independent agencies in 37 states to market the program.
Following the acquisition by AmWINS, TFIA will soon release details of a new commercial flood product which will be supported by AmWINS’ distribution network and backed by Lexington.
AmWINS chief executive Scott M. Purviance said he’s very excited to partner with TFIA. He commented: “Their reputation in the flood market is unparalleled. Not only will TFIA enhance our personal lines flood product offerings, but also will provide us with the opportunity to distribute a new and innovative commercial flood product to our retail clients in the very near future.”
Terms of the transaction were not disclosed.