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Global specialty insurance distributor, AmWINS Group, Inc. (AmWINS), has today announced the acquisition of LISI, a California-based general agent (GA) specializing in medical and ancillary benefits, as well as CoPower, a third-party administrator (TPA) that provides consolidated administration in the ancillary space.
LISI was founded in 1977 and is now one of the largest GAs in California. It 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. CoPower also has an extensive network. The TPA brings corporate benefits to more than 6,000 employer groups and 250,000 of their employees and family members. Following the acquisition, both LISI and CoPower will become part of AmWINS’ Group Benefits division.
“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.”
As part of AmWINS’ Group Benefits division, LISI and CoPower will join a unit of 10 operating companies that develop, underwrite, distribute and administer niche employee benefit programs. According to an AmWINS release, LISI’s six office locations in California will complement AmWINS’ strong GA in the Northeast and Mid-Atlantic regions.
LISI chairman, Phil Lebherz, commented: “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.”
The deal is expected to close later this month, pending regulatory approval.
