American Wholesale Insurance Group (AmWINS), based in Charlotte, N.C., said it plans to sell a majority of its ownership to affiliates of Parthenon Capital, LLC, a Boston and San Francisco-based private equity firm.
The insurance wholesaler said that under the agreement, management would continue to own a substantial portion of the firm.
Terms of the deal were not released. AmWINS said finalization of the deal is subject to normal and customary closing conditions.
AmWINS has more than 35 offices throughout the U.S., providing property and casualty brokerage, program administration, and group life and health brokerage services. AmWINS generates total premium placements of over $2.4 billion annually.
Parthenon Capital is a $1.1 billion private equity firm providing equity capital to midsized companies with revenues between $50 million and $500 million.
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