FFI Holdings PLC has acquired the motorsports entertainment insurance book of business from All Risks Ltd
FFI Holdings PLC, the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product, announced today that its subsidiary Reel Media, LLC (Reel Media), has acquired the motorsports entertainment insurance book of business from All Risks Ltd, the largest U.S. independent wholesale brokerage in the U.S.
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. Reel Media paid $1.825 million in cash at closing. The motorsports entertainment business is expected to generate $600,000 in annualized EBIT.
"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." said Marc Idelson, CEO of Reel Media.
Steven Ransohoff, CEO of FFI commented, "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."
About FFI Holdings PLC
FFI Holdings PLC (AIM: FFI) is the holding company of Film Finances Inc. ("FFI"), the world's leading provider of completion contracts to the entertainment industry, which offer assurance to the financiers of film, TV, mini-series and online media content that productions will be completed on time and on budget. These contracts serve to offload risks to production budgets and timelines for financiers, as well as for FFI through long-standing insurance relationships.
Since its founding in the 1950s, FFI has issued contracts on approximately 7,000 productions. These include many of the film industry's best known-titles, ranging from the first Bond movie (Dr. No, 1962) to The Hunger Games (2012) and Oscar winning films such as 12 Years a Slave (2013) and La-La Land (2016).
FFI is also a fast-growing global provider of post-production equipment and services for the entertainment industry. FFI entered this business in February 2017 through the acquisition of Pivotal Post and consolidated its position in this market further through the purchase of EPS-Cineworks Digital Studios in November 2017 and Reel Media in December 2017.
Over successive decades FFI has grown globally to become a trusted, iconic brand at the centre of the film industry. Headquartered in Los Angeles, USA, it has 11 offices globally, including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai.
About Reel Media LLC
Reel Media is a leading US-based entertainment insurance agency and specialty brokerage offering numerous insurance products to the entertainment industry globally. The business was acquired by FFI in December 2017.