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 Stealth Partner Group (“Stealth”), an Arizona-based, independent full-service general agent (GA) specializing in medical stop-loss insurance.
In early 2020, Stealth will combine with Stop Loss Insurance Services (“SLIS”), an AmWINS Group company, to form the premier stop-loss general agency in the United States. Operating under the Stealth brand and led by Patricia Berridge and Harley Barnes, the combined firm will be part of AmWINS’ Group Benefits division. Berridge and Barnes will be highly focused on combining the best of both firms in order to provide exceptional products and service to retailers and their self-funded clients.
“We’re excited to partner with Patty, Harley, and the entire team at Stealth,” said Scott M. Purviance, Chief Executive Officer of AmWINS. “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.”
Based in Scottsdale, Ariz., Stealth has seven regional sales offices throughout the country. The incredible growth of the firm since its creation in 2009 demonstrates how Stealth’s comprehensive approach has resonated in the specialty GA space.
“We are looking forward to joining the AmWINS family and expanding our offering through this partnership,” said Patty Berridge, co-founder of Stealth. “We know our employees and clients will benefit from the merger of two highly specialized firms, rooted deeply in the stop-loss space.”
“The partnership between Stealth and SLIS will generate incredible value and opportunity for group benefits brokers and their clients,” said Harley Barnes, co-founder of Stealth. “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.”
The transaction is expected to close in the fourth quarter of 2019, pending regulatory approval and customary closing conditions. Dowling Hales served as financial advisor to Stealth. 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.
About Stealth Partner Group
Stealth Partner Group was founded in 2009 and has grown to be one of the largest specialized general agencies in the country. The firm partners with brokers, consultants, and third-party administrators (TPAs) to negotiate, implement, and assist in managing medical stop loss and ancillary benefits with the nation's top-tier carriers. With offices in Phoenix, Atlanta, Dallas, San Francisco, Denver, Detroit and Charleston, Stealth offers its clients more than 125 years of collective experience in the stop loss and ancillary insurance marketplace. For more information, visit www.stealthpartnergroup.com.
About Stop Loss Insurance Services, Inc.
Stop Loss Insurance Services, Inc. is the result of AmWINS Group’s acquisition and concurrent merger of three of the leading medical stop loss insurance wholesalers in the industry in 2009: American Stop Loss, Health Benefits Solutions, and MedEx. Stop Loss Insurance Services, Inc. is one of the largest wholesale distributors of medical stop-loss insurance in the United States, representing over $190 Million in annualized stop-loss premium. With over 30 years of experience, the company is able to leverage its collective expertise and relationships to provide clients with high-quality services and innovative solutions. For more information, visit stoploss.amwins.com.