American Wholesale Insurance Group Acquires Seaboard Underwriters Inc.

May 2, 2003

American Wholesale Insurance Group (www.amwins.com) has completed the acquisition of Seaboard Underwriters, Inc., a 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 CEO 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.”

According to Hutelmyer, president of Seaboard Underwriters, “Joining American Wholesale is a natural combination for us. 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.”

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