CHARLOTTE, N.C.--(BUSINESS WIRE)--AmWINS Group, Inc. (“AmWINS”), a global distributor of specialty insurance products and services, today announced that it has signed a definitive agreement to acquire LISI, Inc. (“LISI”), a California-based general agent (GA) specializing in medical and ancillary benefits, as well as CoPower (Administrators), Inc. (“CoPower”), a third-party administrator (TPA) focused on providing consolidated administration in the ancillary space.
“LISI has long-standing relationships with its broker and carrier partners, and we’re excited to partner with Becky Patel and her leadership team,” said Scott M. Purviance, Chief Executive Officer of AmWINS. “With more than 30 years of experience navigating the dynamic and complex health insurance marketplace, LISI expands our group benefits presence into the state of California and provides us with a strong foothold on the West Coast. The addition of LISI and CoPower to the AmWINS family moves us significantly closer to our goal of building a national GA platform.”
LISI and CoPower will become part of AmWINS’ Group Benefits division, which consists of 10 operating companies that develop, underwrite, distribute and administer niche employee benefit programs. LISI’s six office locations in California complement AmWINS’ strong general agency presence in the Northeast and Mid-Atlantic regions.
“Becky and I believe that this acquisition exemplifies our collaborative spirit and continued commitment to the success of our clients,” said Phil Lebherz, Chairman of LISI. “The new partnership will generate greater value and opportunity for brokers, insurers, and clients. It also positions us to expand our reach with AmWINS’ broad distribution platform and geographic footprint.”
The acquisition of LISI and CoPower further reinforces AmWINS’ strategy and successful model of providing specialized products and diverse capabilities centered on insurance distribution and services, with a focus on delivering innovative solutions to its clients.
The transaction is expected to close later this month, pending regulatory approval and customary closing conditions. Sherman & Company served as the financial advisor to LISI on the transaction. Terms of the transaction were not disclosed.
About AmWINS Group, Inc.
AmWINS Group, Inc. is the largest independent wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance brokers by providing property and casualty products, specialty group benefit products and administrative services. Based in Charlotte, N.C., the company operates through more than 115 offices globally and handles premium placements in excess of $16 billion dollars annually. To learn more, visit www.amwins.com.
LISI was founded in 1977 and has grown to be one of the largest general agencies in California. LISI enables more than 8,000 affiliated brokers to offer medical, dental, vision and specialty coverage for large and small employers from over two dozen carriers. Serving more than 5,000 brokers from six fully-staffed offices, including Northern California locations in San Mateo and Sacramento, LISI provides brokers with local area expertise and powerful resources. For more information, visit www.lisibroker.com.
CoPower brings premium corporate benefits to small employers. Our principles are in support of what matters most–serving our clients, simplifying the complex insurance process, and helping clients succeed. We have grown to support more than 6,000 employer groups and 250,000 of their employees and family members. These valuable relationships and our uncompromising focus on service integrity enable us to provide small employers access to premium benefits from the nation's largest and most respected carriers. For more information, visit www.copower.com.