The insurance underwriter AmRisc LP of Houston, a BB&T Corp. unit, announced Wednesday that it has agreed to buy Savannah Reinsurance Underwriting Management LLC from Glencoe U.S. Holdings Inc., an indirect wholly owned subsidiary of RenaissanceRe Holding Ltd.
Savannah Re, of Stamford, Conn., provides property facultative reinsurance underwriting and related risk transfer services, including catastrophe modeling and claims management.
The deal is expected to close in early February. The price was not disclosed.
Dan Peed, AmRisc's chief executive, said its acquisition of the broker would allow his company to expand its underwriting capabilities. It already offers commercial property underwriting in the excess and surplus lines segment of the wholesale insurance market.
AmRisc was created in 2002 as a unit of BB&T's wholesale insurance business. It underwrites middle-market commercial policies for insurers such as Lloyd's of London and Berkshire Hathaway Inc. It has offices in Birmingham, Ala., and Morehead City, N.C.
