Amwins has acquired Jackson-Lloyd, a Texas-based managing general underwriter specializing in non-subscriber occupational accident coverage. The company will join Amwins Specialty Casualty Solutions (ASCS).
Terms of the deal were not disclosed. Dowling Hales served as financial advisor to Jackson-Lloyd.
Jackson-Lloyd was founded in 1989 in Longview, Texas, by Thomas Lloyd. It provides employers with alternatives to traditional workers' compensation for non-subscribers in Texas and exempted employers in Kansas.
Texas remains the only state that does not require most private employers to carry workers' compensation coverage. Lawmakers have previously proposed bills that would mandate coverage for contractors and subcontractors on public projects, though the broader non-subscriber option has continued.
Texas Department of Insurance (TDI) data show that employer subscription to the traditional workers' compensation system rose to 75% in 2022. That was the highest rate in 12 years. About 30% of non-subscribing employers reported offering an alternative occupational benefit plan, and those plans covered 73% of non-subscriber employees.
ASCS is a full-service MGA with more than 20 programs. It writes approximately $1 billion in annual premium and specializes in niche markets including transportation, healthcare, public entity, PEO, and professional lines.
ASCS recently expanded its own occupational accident program beyond transportation to cover independent contractors across a wider range of industries. Independent contractors make up more than 7% of the US workforce. They are concentrated in industries with higher injury risk, according to Amwins Specialty executive Chris Gingue.
Amwins is the largest independent wholesale distributor of specialty insurance products in the US. The company operates through more than 138 offices globally and handles premium placements exceeding $49 billion annually.
The deal follows a pattern of Amwins using acquisitions to add specialized MGA capabilities. In October, the company acquired Applied Risk Capital, a credit insurance MGA. Ryan Armijo, president of Amwins' underwriting division, described that deal as a milestone in broadening the group's specialty lines.
Andrew Kay, president of ASCS, said Jackson-Lloyd's underwriting expertise paired with "ASCS's technology, actuarial capabilities and distribution reach" gives the program room to grow.
Armijo said the acquisition adds a new capability to the underwriting platform. He added that the deal positions ASCS to help retail agents place non-subscriber coverage under Andrew Kay's leadership.
Tommy Lloyd, senior vice president of Jackson-Lloyd, said Amwins and ASCS offered the infrastructure and market relationships needed to continue growing the program.
The transaction adds a non-subscriber occupational accident program to ASCS's accident and health portfolio, an area the company has been expanding.
