AmWINS Group Inc., a Charlotte, N.C.-based wholesale distributor of specialty insurance products and services, has acquired National Insurance Wholesalers, an insurance wholesaler of medical stop-loss insurance for self-insured companies, from Clark & Wamberg LLC. No financial terms were disclosed. AmWINS is a portfolio company of Parthenon Capital.
Clark & Wamberg, LLC today announced that it has recently completed the sale of National Insurance Wholesalers, an insurance wholesaler of medical stop loss insurance for self-insured companies to Charlotte, NC-based AmWINS Group, Inc. The transaction created the nation’s largest wholesale broker of medical stop loss insurance.
Clark & Wamberg, LLC also announced that prior in the quarter, it completed the sale of Baden Retirement Plan Services, a third-party administrator of tax qualified defined contribution plans, to Ascensus. Based in Dresher, PA, Ascensus is the nation’s largest independent record-keeper and administrator for retirement plans in the micro to large market segments.
“We are pleased that we were able to complete the sales of these companies, given the challenges of the current economic climate,” said Tom Wamberg, Chairman of Clark & Wamberg, LLC. “Both AmWINS and Ascensus will continue to be leaders in their fields with the added value these acquisitions provide.”
“These transactions position us well for future acquisitions in the financial services space,” said Alan Botsford, President of Clark & Wamberg, LLC.
Clark & Wamberg was represented by Fox-Pitt Cochran and Cornoia in the National Insurance Wholesalers transaction. Hales & Company provided financial advice on the Baden transaction. Kirkland and Ellis provided legal assistance on both transactions.
About Clark & Wamberg, LLC
Clark & Wamberg is a private equity firm with a focus on the financial services and insurance industries. Key holdings include:
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