Equity firm takes majority stake in Charlotte insurer [The Charlotte Observer, N.C.]

April 17--AmWINS Group, a Charlotte-based wholesale insurance broker, has completed a $1.3 billion recapitalization deal with private equity firm New Mountain Capital.

After the transaction is complete, New Mountain Capital will own a majority of the company, while the employees will own about 30 percent. The company's management won't change, said AmWINS CEO Steven DeCarlo.

The money will allow the company to focus on its future growth through acquisitions, and allow for investments in technology, DeCarlo told the Observer. The company was founded in Charlotte 10 years ago, with just a handful of employees, DeCarlo said.

"The game has gotten bigger for us," he said. AmWINS has grown largely through acquisitions, with 29 deals over the past 10 years.

"You borrow a little money, make some acquisitions, and then things start progressing," DeCarlo said of the company's growth.

The company is headquartered near SouthPark, in Piedmont Row. AmWINS has about 150 employees in North Carolina and 2,300 worldwide.

The company is involved in a wide range of insurance products, DeCarlo said, including insurance for everything from the state of Louisiana's real estate portfolio to unique automobiles. DeCarlo said its role is that of a "broker's broker," an intermediary between clients and insurance companies. AmWINS processes more than $7 billion of premiums annually.

"We are delighted to become a long-term partner with AmWINS, the clear leader in the specialty insurance distribution market," Alok Singh, New Mountain Capital managing director, said in a statement.

New York-based New Mountain Capital has more than $9 billion in assets under management, including companies such as Strayer Education and SNL Financial. The deal with AmWINS is expected to close within 60 days.

Portillo: 704-358-5041On Twitter @ESPortillo

___

(c)2012 The Charlotte Observer (Charlotte, N.C.)

Visit The Charlotte Observer (Charlotte, N.C.) at www.charlotteobserver.com

Distributed by MCT Information Services