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American Wholesale Insurance Group announces acquisition of Seaboard Underwriters Inc.

04/04/2003

American Wholesale Insurance Group, the nation’s largest independent wholesale insurance broker, announces it has completed the acquisition of Seaboard Underwriters, Inc., a leading provider of insurance solutions for the transportation industry.

Seaboard operates as a managing general agency providing trucker’s liability, physical damage, motor truck cargo, non-trucking liability, and general liability coverage to independent agents countrywide.

“Bringing Seaboard into American Wholesale will greatly enhance our capabilities and offerings to retail agents. Throughout their forty-six years, Seaboard has earned a solid reputation as the leading underwriter of long haul trucking business,” said Steven DeCarlo, President and Chief Executive Officer of American Wholesale Insurance Group. “We are delighted to add a person of such integrity and special expertise as Joe Hutelmyer to our management team. Joe’s recent election as President-Elect of the American Association of Managing General Agents (AAMGA) is another testament to the experience and caliber of this group. Joe, his management group, and employees in both Burlington, North Carolina and Council Bluffs, Iowa will continue to bring expertise and relationships that are invaluable to retail agents serving the transportation industry.”

“Joining American Wholesale is a natural combination for us” said Joe Hutelmyer, President of Seaboard Underwriters. “Their commitment to serving retail agents is on par with ours. As part of the American Wholesale team, we will be able to draw on the resources and scale of their national wholesale capabilities and eventually be able to broaden our support to those agents who specialize in the long haul transportation industry.”

American Wholesale Insurance Group (www.amwins.com) is a wholesale insurance organization dedicated to serving retail agents throughout the United States by providing property & casualty, group life and health, program administration services, and premium finance capabilities. The company is ranked by Business Insurance magazine as the nation’s third largest wholesale insurance broker organization.