AmWINS Group’s acquisition of Stealth Partner Group will help the company in forming a premier stop-loss general agency in the US
AmWINS Group, a distributor of speciality insurance products and services, has signed an agreement to acquire Stealth Partner Group, a Scottsdale, Arizona-based independent general agent (GA), specialising in medical stop-loss insurance.
Stealth Partner operates seven regional sales offices throughout the country. Since its creation in 2009, the growth of the firm is claimed to show its comprehensive approach resonating in the speciality GA space.
Following the acquisition, Stealth Partner Group will be combined with AmWINS Group’s subsidiary Stop Loss Insurance Services (SLIS) to form the premier stop-loss general agency in the US.
The deal is expected to close in the fourth quarter of 2019
The deal, whose financial terms were not disclosed, is expected to be closed in the fourth quarter of this year, after securing regulatory approval and customary closing conditions.
AmWINS CEO Scott Purviance said: “We’re excited to partner with Patty, Harley, and the entire team at Stealth.
“As the number of self-funded employer groups continues to increase, the addition of Stealth significantly expands our ability to empower brokers to provide stop-loss and cost containment solutions to their self-funded clients.”
The combined firm will operate under Stealth Partner brand and will be led by Patricia Berridge and Harley Barnes and will be part of AmWINS’ Group Benefits division.
The insurance broking company stated that Berridge and Barnes will focus on combining the best of both firms in order to provide exceptional products and service to retailers and their self-funded clients.
Stealth co-founder Harley Barnes said: “The partnership between Stealth and SLIS will generate incredible value and opportunity for group benefits brokers and their clients.
“We look forward to working with Rebecca Bocek, Gerry Gates and the entire team at SLIS. Together, our two firms will provide us with unique access to all of the leading stop-loss markets and enable us to build a wide range of other value-added capabilities that support our carrier partners, retail brokers, and their self-funded clients.”
In August this year, AmWINS agreed to acquire two firms namely, LISI and CoPower (Administrators).
LISI is a California-based general agent specialising in medical and ancillary benefits. CoPower (Administrators) is a third-party administrator (TPA) focused on providing consolidated administration in the ancillary space.