Amwins, the specialty insurance provider, has picked up Applied Risk Capital, a managing general agent focused on credit insurance for the leveraged finance space. The deal price wasn’t disclosed.
ARC builds custom cover for banks, funds, and institutional investors operating in non-investment grade credit.
According to Amwins, the MGA’s solutions are designed to protect against losses, boost lenders’ competitive standing, and improve capital flexibility—a mix seeing stronger demand as credit markets stay volatile.
ARC founder and CEO Andrew Shapiro said joining Amwins hands his team a bigger platform and the resources needed to deliver more value to both insurers and clients.
Amwins Underwriting president Ryan Armijo added that the broker’s scale, infrastructure, and market ties will translate into meaningful gains for partners and customers.
With our scale, relationships and infrastructure, we’re confident this will create tremendous value for our clients and partners.
Ryan Armijo, president of Amwins Underwriting
The move introduces an entirely new business line to Amwins’ underwriting portfolio. The company pointed to ARC’s expertise in credit markets as a key draw.
Amwins sits among the largest independent wholesale brokers and managing general agents in the U.S., with a reputation for building out specialty platforms that plug gaps in insurance markets where standard carriers hesitate.
The firm operates across brokerage, underwriting, and program administration, using its scale and relationships to push into niche classes of risk.
Its growth model leans heavily on acquisitions of managing general agents that bring technical expertise and unique product sets, a strategy that has made it a major distribution and underwriting force not only domestically but in select international markets as well.
Applied Risk Capital, by contrast, is a younger, more specialized player, focusing squarely on credit insurance within the leveraged finance arena. The company works with banks, funds, and institutional investors exposed to non-investment grade borrowers.
Its products are tailored to reduce credit loss, provide risk transfer solutions, and unlock capital flexibility for lenders, essentially giving financial institutions a sharper edge in competitive credit markets.
With its niche expertise and technical knowledge of credit structures, ARC has built a position as a go-to MGA for institutions needing highly customized insurance to backstop their lending strategies.
Together, Amwins and ARC represent a marriage of distribution scale and market specialization.
Amwins gains access to a growing sector of credit insurance it had not previously written, while ARC gains the infrastructure, relationships, and resources of one of the most powerful wholesalers in the business.
The combination reflects how large intermediaries continue to seek specialty MGAs as vehicles for growth, pushing deeper into complex and finance-linked risks that traditional insurers often shy away from.
