AmWINS Group, a US-based specialty insurance distributor, has purchased LISI, a California-based general agent (GA), as well as CoPower, a third-party administrator (TPA), to strengthen group benefits division.
Founded in 1977, LISI specialises in medical and ancillary benefits. Its offers medical, dental, vision and specialty coverage for large and small employers through its over 8,000 affiliated brokers.
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CoPower provides consolidated administration in the ancillary space. It provides corporate benefits to more than 6,000 employer groups and 250,000 of their employees and family members.
After completion of the transaction, both LISI and CoPower will become part of AmWINS’ Group benefits division.
They will join 10 operating companies that develop, underwrite, distribute and administer niche employee benefit programs.
AmWINS CEO Scott Purviance said: “LISI has long-standing relationships with its broker and carrier partners, and we’re excited to partner with Becky Patel and her leadership team.
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By GlobalData“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 chairman Phil Lebherz said: “Becky and I believe that this acquisition exemplifies our collaborative spirit and continued commitment to the success of our clients.
“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.”
Subject to regulatory approval, the transactions are scheduled to be completed later this month.
