Reel Media acquires motorsports entertainment insurance book
Source - SMW
FFI Holdings subsidiary Reel Media has acquired the motorsports entertainment insurance book of business from All Risks, the largest independent wholesale brokerage in the US for $1.825m in cash. The motorsports entertainment business is led by Tim Troester and Don DeWitt providing 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.
The motorsports entertainment business is expected to generate $600,000 in annualised EBIT. Reel Media chief executive Marc Idelson 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.'