New Jersey Broker Acquired By American Wholesale Insurance Group

March 2, 2004

American Wholesale Insurance Group, a large independent wholesale insurance broker, has acquired New Jersey-based Property Risk Services, LLC. (PRS), a property wholesale brokerage group.

“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.”

GE Commercial Finance’s Corporate Lending team helped to finance the deal.

Business Insurance ranks American Wholesale Insurance Group as the third largest wholesale insurance broker organizations in the U.S. It is based in Charlotte, N.C.

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