The private equity partner of AmWINS Group Inc, the U.S.'s largest wholesale insurance broker by premiums placed, selling its 45 percent stake in the company after a 7-year investment, at a valuation of about $1.5 billion, according to a report by Reuters.
However, AmWINS CEO Steve DeCarlo stated, "AmWINS is not for sale. It is simply recapitalizing, which is part of the normal lifecycle of a private equity funded business."
AmWINS is owned by its management and by buyout firm Parthenon Capital Partners LLC, which bought a majority percent stake in AmWINS in 2005.
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