This is the first acquisition made by XPT, as part of its plan to develop a wholesale insurance broking and underwriting agency platform across the U.S. Specialty Insurance Sector. The Group invested in XPT in June 2017 with the provision of $6m of equity funding, alongside XPT Management Team Partners.
Founded in 1981, WSS is a family-owned firm with offices in Dallas and Los Angeles. WSS offers clients a wide range of Property & Casualty insurance products, including but not limited to, a leading bar & tavern program. WSS partners with insurance markets in the U.S. and at Lloyd's.
This acquisition was funded via a proportion of the Group's investment in XPT and via bank financing.
This acquisition demonstrates XPT's ability to take advantage of the significant consolidation opportunities in the small-to-medium-sized wholesale space in the U.S. and it is expected that XPT will undertake further acquisitions over the coming months.
Dan Topping, B.P. Marsh's Chief Investment Officer and the Company's representative at XPT, commented: “We are delighted that XPT has concluded its first acquisition with the completion of the deal with WSS. This acquisition represents the first step in XPT's strategy to develop their presence in the U.S. specialty insurance market.”