AmWINS Group Inc., a Charlotte, N.C.-based wholesale distributor of specialty insurance products and services, has acquired three medical stoploss wholesalers. No financial terms were disclosed. AmWINS is a portfolio company of Parthenon Capital.
AmWINS Group, Inc. today announced the acquisition of three medical stop loss wholesalers – American Stop Loss Insurance Brokerage Services (“ASL”), Health Benefit Solutions Insurance (“HBS”) and National Insurance Wholesalers (“NIW”). The acquisition and concurrent merger of these three entities creates the nation’s largest wholesale broker of medical stop loss insurance. Terms of the transaction were not disclosed.
“Diversification is key to our company’s strategy and continued growth,” said M. Steven DeCarlo, CEO of AmWINS Group. “This acquisition not only complements our existing benefit product capabilities, but also allows us to strategically expand our products and services to a broader network of retail customers and markets.”
The entities are located in three geographically diverse regions of the country with ASL in Worcester, MA; HBS in Benicia, CA and NIW in Houston, TX. The current management teams of each entity will continue to lead the day-to-day activities for their respective company – Gerry Gates and Walter Coolidge for ASL, Rebecca Bocek for HBS and Elizabeth Ogletree for NIW. Mark McGuire, the founder of NIW, will lead the combined operations going forward.
“Gerry, Walter, Rebecca, Elizabeth and I are excited to join the AmWINS family. As a combined entity, we have become the largest medical stop loss wholesaler in the country which we believe will create value for our retail producers, markets and the ultimate insurance buyer,” said Mark McGuire, President of National Insurance Wholesalers.
“Our division’s focus is to work directly with brokers, consultants and TPAs on a national level,” said Samuel H. Fleet, President and CEO of AmWINS Group Benefits. “This added stop loss expertise enables our Group Benefits Division to provide our customers with customized solutions and an increased level of service.”
About AmWINS Group, Inc.
AmWINS Group, Inc. (www.amwins.com) is a wholesale distributor of specialty insurance products dedicated to serving retail agents throughout the United States by providing property and casualty, group life and health, and program administration services. Based in Charlotte, NC, the company operates through more than 35 offices across the United States and handles premium placements in excess of $3.3 billion dollars annually.