AmWINS expands its non-standard automobile insurance capabilities
AmWINS Group, Inc. (“AmWINS”) announced today that it has acquired American Southwest Insurance Managers, Inc. (“ASIM”), Excel General Agency, Inc. (“Excel”) and Oakwood Software Insurance Solutions, LLC (“Oakwood”).
Founded in 1990 by Jim S. Whited and Debra A. Williams, ASIM is one of the largest and oldest independent managing general agents for non-standard automobile insurance in Texas. Furthermore, through Statewide Claims Service, ASIM’s in-house claims and appraisals division, ASIM is able to serve as an independent third party claims administrator to ensure an efficient, fair and proper claims experience.
Concurrent with the acquisition of ASIM, Excel and Oakwood were also purchased by AmWINS. Excel is also a non-standard automobile managing general agency servicing independent agents of Texas. Oakwood is a technology company that provides a complete policy and claim administrations system to automobile insurance companies, managing general agencies and large independent agents. With the purchase of Oakwood and the OSIS system, AmWINS has acquired a leading edge technology platform for the automobile insurance sector.
"We are very pleased to partner with Jim, Debbie and the entire ASIM and Excel team,” said M. Steven DeCarlo, CEO of AmWINS. “The acquisition of these companies further diversifies our revenue stream and expands our product capabilities and expertise. Furthermore, the addition of David Scruggs, Doug Hite and the Oakwood platform is extremely exciting for us as we continually look for new ways to improve efficiency and provide better service to our customers and markets."
ASIM will continue to be led by Jim S. Whited and Debra Williams. Oakwood will continue to be led by Doug Hite and David Scruggs, with David also maintaining responsibility for the Excel business. Newport General Agency, a subsidiary of AmWINS which also specializes in non-standard auto insurance, will continue to be led by Dennis DiCapua.
“AmWINS and ASIM share a common culture and vision centered on providing clients, markets and employees with a competitive edge, so it is extremely rewarding and exciting to join the AmWINS family,” said Jim S. Whited, Chairman of ASIM. “Having known Dennis for more than 20 years, I look forward to working with him, Newport and the rest of the AmWINS team.”
Terms of the transaction were not disclosed.
AmWINS Group, Inc.
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: business & technology services, communications, and healthcare. The firm, based in Charlotte, NC, has assets under management of approximately $4 billion. For additional information, please visit www.pamlicocapital.com.