AmWINS Group, Inc. Acquires London American General Agency, Inc.Re-brands Transportation Operations as AmWINS Transportation Underwriters CHARLOTTE, N.C. -- AmWINS Group, Inc., one of the nation's largest and most diversified diversified (di·verˑ·s wholesale insurance brokers, announced today the acquisition of London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. American General Agency, Inc. ("London American"). Based in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , London American is a full-service managing general agent and program underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. for the commercial transportation business with a special focus on limousines, truckers and transportation. "The acquisition of London American is yet another example of our commitment to expand and diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our portfolio of product offerings and expertise for our customers," said M. Steven DeCarlo, Chief Executive Officer of AmWINS Group, Inc. London American provides AmWINS with a west coast transportation underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. presence and complements AmWINS existing transportation business, formerly operated under the name Seaboard Underwriters, Inc. AmWINS has combined its legacy Seaboard transportation business with London American under the name AmWINS Transportation Underwriters, Inc. "By acquiring London American we are demonstrating to our customers that we are committed to being the leading, national provider of insurance services to the transportation industry," said Scott Reynolds, President of AmWINS' Underwriting division. Edward Maucere, Chairman and Chief Executive Officer of London American said, "We are very excited to join the AmWINS team. The combination of the two organizations provides our clients with unparalleled underwriting experience. This is a great win for our customers and carrier partners." About AmWINS Group, Inc. AmWINS (www.amwins.com) is a wholesale distributor of specialty insurance products dedicated to serving retail agents throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by providing property and casualty, group life and health, and program administration services. Based in Charlotte, NC, the company operates through more than 35 offices across the United States and handles premium placements in excess of $3.3 billion dollars annually. |
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