Clark & Wamberg, LLC Announces Sale of Two Financial Subsidiaries
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NORTH BARRINGTON, Ill., March 24 /PRNewswire/ -- Clark & Wamberg, LLC today announced that it has recently completed the sale of National Insurance Wholesalers, an insurance wholesaler of medical stop loss insurance for self-insured companies to Charlotte, NC-based AmWINS Group, Inc. The transaction created the nation's largest wholesale broker of medical stop loss insurance. Clark & Wamberg, LLC also announced that prior in the quarter, it completed the sale of Baden Retirement Plan Services, a third-party administrator of tax qualified defined contribution plans, to Ascensus. Based in Dresher, PA, Ascensus is the nation's largest independent record-keeper and administrator for retirement plans in the micro to large market segments. "We are pleased that we were able to complete the sales of these companies, given the challenges of the current economic climate," said Tom Wamberg, Chairman of Clark & Wamberg, LLC. "Both AmWINS and Ascensus will continue to be leaders in their fields with the added value these acquisitions provide." "These transactions position us well for future acquisitions in the financial services space," said Alan Botsford, President of Clark & Wamberg, LLC. Clark & Wamberg was represented by Fox-Pitt Cochran and Cornoia in the National Insurance Wholesalers transaction. Hales & Company provided financial advice on the Baden transaction. Kirkland and Ellis provided legal assistance on both transactions. About Clark & Wamberg, LLC Clark & Wamberg is a private equity firm with a focus on the financial services and insurance industries. Key holdings include: Pearl Meyer & Partners is one of the country's leading independent executive compensation consultancies, serving as a trusted advisor to Boards and their senior management in the areas of governance, strategy and compensation program design. Integrated Healthcare Strategies offers quality solutions to healthcare organizations in governance, leadership, total executive compensation, executive search, physician services & HR capital. Stratford Advisory Group, an independent, full-service investment consulting firm for defined benefit and defined contribution plans, Taft-Hartley pension and welfare funds, endowments, foundations, corporations and healthcare organizations. Stratford research spans all asset classes from traditional equity and fixed income, to alternatives such as private equity and hedge funds. Federal Policy Group, which provides top-flight, comprehensive tax and other legislative and regulatory services to the leading businesses, coalitions, trade associations and high net worth individuals. SOURCE Clark & Wamberg, LLC Alan Botsford of Clark & Wamberg, LLC, +1-508-630-1540, Alan.Botsford@clarkwamberg.com
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