ANV Group Holdings Ltd. has completed its acquisition of Associated Specialty Insurance Agency LLC (ASIA), a wholesale commercial insurance agency that focuses on workers’ compensation coverage.
The deal adds a 30-year-old wholesale operation to ANV’s growing US workers’ comp platform. ASIA serves more than 600 active brokers and approximately 20 carrier markets. Its book of business centers on artisan contractor risks.
ANV is a relatively new company. AmTrust Financial Services and Blackstone Credit & Insurance formed it in December 2025 by spinning off a portfolio of AmTrust managing general agencies into an independent platform. A 10-year capacity agreement with AmTrust underpins its existing book of business.
The ASIA deal is the latest in a series of moves ANV has made to consolidate the specialty workers’ comp segment. It follows the company’s purchase of Specialty Comp Insurance Solutions, a Texas-based MGA focused on middle-market employers and hard-to-place risks.
SCIS wrote approximately $250 million in gross written premium in 2025 across construction, manufacturing, healthcare, and staffing accounts. That volume gives the combined platform a sizable base across multiple workers’ comp specialty segments.
ANV also owns Risico, a California-based agricultural workers’ compensation MGA. Together, the three businesses span wholesale distribution, program underwriting, and risk management. Their combined reach covers construction, transportation, manufacturing, hospitality, staffing, agriculture, and other high-hazard industries.
Adam Karkowsky, chairman and CEO of ANV, said the additions of ASIA and SCIS gave the company meaningful scale across wholesale, program, and specialty channels.
“With the additions of ASIA and SCIS alongside our existing Risico business, ANV has assembled a workers’ compensation platform with meaningful scale and breadth across wholesale, program, and specialty channels,” he said.
Workers’ compensation is the only major commercial line posting year-over-year rate decreases, with renewal rates falling 1.31% in May 2026. The line recorded a net combined loss ratio of 86% in both 2023 and 2024. This level of profitability has drawn consolidators to the segment.
California, however, tells a different story. The state’s combined ratio reached 127% in 2024, its highest in more than two decades.
Frank Sorochen, Jr., Esq., CEO of ASIA, said the agency was drawn to ANV’s long-term perspective and its approach to building specialty businesses.
“ANV’s long-term perspective and entrepreneurial approach to building specialty businesses align with our vision for ASIA, and we look forward to strengthening our position as a trusted wholesale partner in the workers’ compensation market,” Sorochen said.
Financial terms of the transaction were not disclosed.
