Wholesale broker AmWINS Group, Inc. has agreed to acquire American Equity Underwriters, Inc. (AEU), a Mobile, Alabama-based national provider of insurance programs for maritime employers with expertise in United States Longshore and Harbor Workers Compensation (USL&H) insurance.
Through its subsidiary AEU Management, Ltd., AEU manages American Longshore Mutual Association, Ltd. (ALMA), a mutual insurance association based in Bermuda that is licensed by the U.S. Department of Labor to provide USL&H coverage to its members.
The acquisition is expected to close in the second quarter of 2007.
According to M. Steven DeCarlo, AmWINS chief executive officer, AEU is one of the largest underwriters of USL&H coverage in the country and has a broad client base across 30 states.
Sources:
AmWINS Group, Inc.
www.amwins.com
American Equity Underwriters
www.amequity.com
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