AMC Buys Arizona Insurance Brokers Assets

August 30, 2004

American Management Corporation has recently purchased assets of two Scottsdale, Arizona wholesale insurance brokers, Cargill Sherman and Associates and the Embassy Insurance Group. These assets include insurance renewals and the insurance carrier relationships. To manage this business, AMC has formed a new division, AMC West, which the eight former Embassy and Cargill Sherman employees will operate in Scottsdale.

Stephen Strange, president of AMC, said the acquisition increases AMC premium revenues 10 percent. “We’re pleased to add to AMC’s current product through this acquisition,” he said.

Bob Kindness, AMC West vice president and general manager, said AMC has acquired the Embassy hospitality program which targets bar and restaurant accounts. AMC has also acquired assets of Cargill Sherman, an excess and surplus lines broker that writes a wide variety of business with a number of insurance companies.

“By putting these two entities together and adding them to AMC, we can create synergy that will be better for our agents and increases the value of their relationship with AMC. For example, AMC can give its agents much more complete access to insurance products needed by their customers such as access to additional umbrella liability carriers. Plus we’re better able to create programs for a number of niche areas. A good example is a new program for the entertainment segment that will provide general liability and liquor liability. We can now supplement our product and offer commercial property and crime coverage that will be placed with markets formerly controlled by Cargill.”

“We’re pleased to be part of AMC because it offers a much larger, more visible and credible position in more insurance markets and with more insurance carriers,” Kindness added.

“The combined experience of the AMC West team is more than 160 years in all aspects of property and casualty insurance, including excess and surplus lines,” Kindness said. In addition to Kindness, the staff includes John Cargill, vice president of excess and surplus lines; David Haslam, vice president of production and marketing; and Larry Gilliam, CPCU, program underwriter. Others at AMC West are Angie Wahlmeier, CPA, CMA, vice president and controller; and Sandie Yarnal, broker.

American Management, an insurance holding company whose business comes mostly from underwriting property, casualty and workers’ compensation insurance, was founded in 1948 at Morrilton, Arkansas, and moved to Conway, Arkansas, in 1992. AMC has 200 employees in Conway.

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