Charlotte, North Carolina-based insurance wholesale brokerage AmWINS Group, Inc. has acquired three medical stop loss wholesalers in three separate regions of the country. The firms acquired are American Stop Loss Insurance of Worcester, Mass.; Brokerage Services, Health Benefit Solutions of Benicia, Calif.; and Insurance and National Insurance Wholesalers of Houston, Texas.
The acquisition of these three entities creates the nation’s largest wholesale broker of medical stop loss insurance, according to AmWINS.
“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.”
Terms of the transaction were not disclosed.
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.
Source: AmWINS Group, Inc.
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