Amwins has entered the fast-growing credit insurance market with the acquisition of Applied Risk Capital (ARC), a managing general agent (MGA) specializing in solutions for the leveraged finance sector.
Founded in 2019, ARC has built a strong reputation delivering tailored credit insurance products for banks, funds and institutional investors active in non-investment grade risks. Its senior team combines deep knowledge of both leveraged credit and insurance, enabling it to design solutions that help lenders mitigate credit loss, enhance capital flexibility, and compete more effectively.
ARC will now operate under Amwins Underwriting, adding a prominent new product line to the division’s expanding portfolio.
Ryan Armijo, president of Amwins Underwriting, said the acquisition represents a milestone in the group’s strategy to broaden its specialty lines. He noted that ARC is led by a highly experienced and qualified team that has earned a reputation as the leader in the leveraged finance space. With Amwins’ scale, relationships and infrastructure, the move is expected to create significant value for clients and partners.
Andrew Shapiro, founder and chief executive officer of ARC, added that joining Amwins provides the platform to accelerate growth and broaden access to credit insurance. He said the partnership will allow ARC to expand its reach and deliver best-in-class products to the institutions and investors it serves.
The deal underscored the increasing role of credit insurance in today's financial markets. As lenders face heightened credit risk amid economic uncertainty and tighter capital requirements, demand is rising for insurance products that protect against defaults while also supporting balance sheet flexibility.
Credit insurance has traditionally been a niche tool, but it is becoming mainstream as banks and funds look for ways to manage exposures in leveraged finance. By transferring risk through insurance, lenders can maintain lending capacity while satisfying regulatory capital requirements.
For Amwins, the acquisition also reflects a wider trend in the MGA sector. MGAs are increasingly being used as vehicles to bring highly specialised products to market, particularly in areas where underwriting expertise and speed of innovation are critical.
By acquiring ARC, Amwins is positioning itself at the intersection of credit markets and insurance, where demand for structured, bespoke solutions is expanding. For retail brokers, the addition of credit insurance through Amwins provides a new avenue to serve institutional clients that may not have had easy access to these products. It extended the scope of what brokers can offer beyond traditional property and casualty lines, enabling them to tap into the growing convergence between insurance and capital markets.
BMO Capital Markets acted as exclusive financial advisor to ARC in the transaction.
