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American Wholesale Insurance Group Completes Strategic Acquisition of Property Risk Services

02/02/2004

American Wholesale Insurance Group, the nation's largest independent wholesale insurance broker, announces it has completed the acquisition of New Jersey based Property Risk Services, LLC., (PRS) one of the largest property wholesale brokerage groups in the country.

“The addition of PRS exemplifies American Wholesale’s commitment to acquisitions that provide increased product offerings and expertise to our retail clients. PRS’ extensive large property expertise will enhance American Wholesale’s current property capabilities. Beyond the obvious business synergies, the cultural fit was perfect.” said Steven DeCarlo, President and Chief Executive Officer.

Thomas Spinner, Chairman of PRS, stated, "The combination of our teams will give American Wholesale additional depth into large, complex property risk placement solutions. Conversely, joining American Wholesale’s national platform will enable PRS to expand its geographic reach and provide our clients with access to a complete range of wholesale insurance solutions from a single provider."

“Joining American Wholesale is a strategic decision on the part of PRS that will provide us a substantial opportunity to penetrate regions beyond the East coast." said John Keegan, President of PRS. Keegan continued, "Their commitment to serving retail agents exclusively is firmly aligned with our philosophy. I am convinced, our collective ability to develop client-specific programs in conjunction with our access to capacity will result in us being the most talented and resourceful wholesale platform in the market."

“With the financial support of GE Commercial Finance’s Corporate Lending team, this strategic acquisition has been made possible,” said Steven DeCarlo. He continued, “We feel PRS not only fits well in our decentralized business model, but their long-standing relationships in the underwriting and retail brokerage community further enhances our commitment to provide independent retailers with superior product expertise for years to come. We are pleased to welcome the PRS family to American Wholesale."

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, actuarial services and premium finance capabilities. The company is ranked by Business Insurance magazine as third largest wholesale insurance broker organizations in the United States.