AmWINS Acquires Maritime Broker American Equity; Refinances Debt

June 18, 2007

AmWINS Group, Inc., a Charlotte, N.C.-based national wholesale insurance broker, has acquired The American Equity Underwriters, Inc. (AEU), a national provider of insurance programs for maritime employers with a special expertise in United States Longshore and Harbor Workers Compensation (USL&H) insurance.

In connection with the acquisition, AmWINS entered into a new $432.5 million credit facility arranged by Wachovia Securities and Madison Capital.

Proceeds of the new facility were used to complete the AEU acquisition, refinance AmWINS’ existing credit facilities and to fund a $100 million dividend to AmWINS existing shareholders, comprised primarily of AmWINS employees and Parthenon Capital, a San Francisco and Boston-based private equity firm.

AmWINS said the new credit facility will provide it with additional capacity and flexibility to fund new acquisitions.

Commenting on the completion of the AEU transaction, AmWINS’ CEO M. Steven DeCarlo, said, “This is a significant acquisition. AEU is one of the largest underwriters of USL&H coverage in the country, and their expertise will help continue to diversify our broad product offering and capabilities for our customers.”

Source: AmWINS Group, Inc.

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