HWI BV Group to sell off North American operations
HWI BV Group to sell off North American operations | Insurance Business Canada
Insurance News
HWI BV Group to sell off North American operations
Partnership to commence following sale’s completion
Insurance News
By
Kenneth Araullo
Private global broker HW International BV (HWI BV Group) has announced the sale of its US and Canadian branches, Hugh Wood Inc. and Hugh Wood Canada Limited, to Risk Strategies. The financial terms of the transaction were not disclosed.
This sale concludes HWI BV Group’s strategic evaluation and a divestiture process that was initiated in 2021. Following the sale’s completion, HWI BV Group is set to forge a partnership with Risk Strategies in North America.
The acquisition includes Hugh Wood Inc., which delivers a range of insurance solutions spanning commercial lines, personal lines, and benefits across the US, with a specialized focus in sectors such as real estate, marine, international clients, metals, and fine art.
Hugh Wood Canada’s operations, offering insurance services primarily to retail clients throughout Canada with expertise in architecture, engineering, personal lines, real estate, and fine art, are also part of the deal.
Originating as a holding entity for HW Wood Ltd, first established in 1982, HWI BV Group offers an array of specialist insurance services across Europe and Australia, focusing on sectors such as international real estate, fine art and specie, corporate, construction, marine, and professional lines.
David Nelson, chairman of HWI BV Group, expressed unanimous board support for the transaction, viewing it as a beneficial move for both HWI BV Group and its North American teams.
“The deal will enable the HWI BV Group to continue to prosper and work together with a fantastic partner in North America, as well as creating a relationship that is truly additive to all parties. We consider this as a first step towards a wider relationship with Risk Strategies, and we can only see benefits to all of the HWI BV Group’s firms and their teams,” Nelson said.
John Mina, global CEO of Accession Risk Management Group, the parent company of Risk Strategies and One80 Intermediaries, also welcomed the incorporation of Hugh Wood entities into the Risk Strategies family.
“Our goal in acquiring firms is to bring on specialists with a client-first, collaborative approach and the potential to both strengthen and expand our reach and capabilities,” Mina said.
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