American Wholesale Insurance Group, Inc., Completes Strategic Acquisition of Woodus K. Humphrey & Company, Inc.Business Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--Sept. 30, 2002 Officials at American Wholesale Insurance Group, Inc. (American Wholesale), a Charlotte-based wholesale insurance distribution holding company, announced on September 30, 2002, that the company has officially completed the acquisition of Woodus K. Humphrey & Company, Inc., of Shreveport, LA. Woodus K. Humphrey & Company, Inc., is the leading managing general agency specializing in providing insurance solutions to the lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to and woodworking industries. The announcement comes less than one month after Business Insurance, a top national business and insurance trade publication, ranked American Wholesale the third largest insurance wholesale broker in the country. The combined operating companies operating company A business that engages in transactions with outsiders. , along with the addition of Woodus K. Humphrey, produce wholesale premium volume in excess of $750 million. American Wholesale is currently the largest independently owned wholesale brokerage organization in the country. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. M. Steve DeCarlo, an acquisition of this caliber is a perfect fit for American Wholesale. "Woodus Humphrey and his management team bring many years of 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. and engineering expertise specifically in the woodworking industry," DeCarlo said. "Woodus' group not only contributes this special expertise, but also, clearly demonstrated business results that have been revered by their top national insurance carrier partners for years. That speaks volumes to us," added DeCarlo. "We are very excited about joining American Wholesale. The move not only gives our management group and employees, who will remain unchanged, a clear view of the future of our operation, but, most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , it will give us a chance to develop additional relationships to more effectively serve the brokers we work with in our woodworking specialty field," said Woodus K. Humphrey, CEO of Woodus K. Humphrey & Company, Inc. American Wholesale (www.amwins.com) is an insurance organization solely dedicated to serving retail agents and brokers via its wholesale brokerage, underwriting and premium financing Premium Financing involves the lending of funds to a person or company to cover the cost of an insurance premium. Premium finance loans are often provided by third party finance entity known as a "Premium Financing Company"; however insurance companies and brokerages occasionally capabilities. The company offers a complete catalogue of wholesale insurance products and programs to Independent agents and brokers via its eighteen offices nationwide. |
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