Virtus merges with Memphis-based insurance agency Kemmons Wilson
Virtus LLC, an insurance brokerage and consulting firm based in Kansas City, has merged with Kemmons Wilson Insurance Group (KWIG), a Memphis-based insurance agency focused on the hotel, lodging, and hospitality sector.
The financial terms of the deal were not disclosed.
Virtus will be the surviving entity, which is expected to place it among the top 100 insurance brokerages in the US. The combined firm will have more than 100 employees and an in-force book of business of more than $250 million premium and $20 million in revenue.
Spence Wilson Jr. — Kemmons Wilson Insurance Group Chairman said: “We are very excited to join forces with Virtus. For several years, we have watched and admired their growth and the importance they place on people and culture.
“We share many values and a mutual desire to reach our full potential. This partnership gives us both an opportunity to expand our team, market and areas of excellence.”
According to Virtus, the addition of Kemmons Wilson Insurance Group will increase the existing industry specialization strategy it has established in the private equity, real estate, restaurant, and construction sectors.
Andrew Gray — Virtus CEO said: “The partnership with KWIG supports our continued focus on specialization. We have a great responsibility to the legacy of the Kemmons Wilson family and a great opportunity to help the business thrive into the future.”