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American Wholesale Insurance Group Completes Strategic Acquisition of Stewart Smith Group

04/14/2005

American Wholesale Insurance Group (AmWINS), the nation’s largest independent wholesaler, has completed the acquisition of Stewart Smith Group.

“The addition of Stewart Smith will enable AmWINS to expand our brokerage footprint in Florida, Tennessee, Michigan, and Washington, says M. Steven DeCarlo, AmWINS President & Chief Executive Officer. In addition to bringing on 200 seasoned professionals, we have gained a proven leader for our brokerage division in Mark Smith. In this newly created position, Division President of AmWINS Brokerage, Mark will lead our brokerage businesses, which include AmWINS Brokerage, Property Risk Services, and Stewart Smith, to continue to drive growth and profitability of the division. Additionally, he will define needed product, capacity and geographic expansion strategies as prescribed by our retail clients.”

”I am excited to join AmWINS and to be affiliated with such a dynamic organization with a clear vision and wholesale focus, said Mark Smith. Bringing together AmWINS Brokerage and Stewart Smith is sure to result in one of the strongest and most well respected resources available to independent agents and brokers in the country. Our ability to handle hard-to-place, unique, and/or specialty coverages is not our primary differentiator. Rather, it is our highly skilled and well disciplined brokerage staff’s ability to get deals done the right way. Simply put, our role as an insurance intermediary is to provide retail agents and brokers with the necessary tools and access to leading edge products to compete in an ever changing environment, solve complex client issues and win accounts.”

AmWINS Brokerage is the largest independent national wholesale broker, developing and delivering insurance solutions to retail agents and brokers through its access to over 200 markets. Through its over 25 office locations and 425 brokerage professionals and broad carrier representation, AmWINS Brokerage is responsible for premium placements in excess of $1.6 billion.

"This acquisition strategically enhances our insurance brokerage offerings to retail agents and brokers across the country. That said, our new scale by no means replaces the importance of earning our stripes each and every day - one account at a time," says DeCarlo.