FFI Holdings buys motorsports entertainment insurance book from All Risks
AIM-listed FFI Holdings has acquired the motorsports entertainment insurance book of business from All Risks, the largest US independent wholesale brokerage, through its subsidiary Reel Media.
All Risks provides specialty and commercial coverages to race teams, racetracks, sanctioning bodies, associations, road courses, and motorsports special events & activities. As part of the transaction, Jerid Schmickle has joined the firm as president of the newly created International and Motorsports division.
Reel Media paid $1.825m in cash at closing for the motorsports entertainment business, which is expected to generate $600,000 in annualised earnings before interest and tax.
Marc Idelson, chief executive of Reel Media, said: "We are pleased to welcome the entire motorsports team to Reel Media as we continue to increase our global presence and diversify our product offerings. Motorsports entertainment has long held a place in the heart of world-wide fans. This acquisition is a complementary addition to an already broad offering of entertainment related insurance products."
FFI CEO Steven Ransohoff said: "We are excited to announce Reel Media's first transaction following our acquisition last month. We continue to pursue affiliations with other insurance intermediaries and hope to announce an additional transaction before month end."
FFI Holdings is the holding company of Film Finances, the world's leading provider of completion contracts to the entertainment industry.