American Wholesale Acquires Seaboard Underwriters

NU Online News Service, May 2, 3:59 p.m. EDT ?Wholesale insurance broker American Wholesale Insurance Group, withheadquarters in Charlotte, N.C., has acquired Seaboard UnderwritersInc., based in Burlington, N.C.

Seaboard Underwriters is a managing general agent specializingin trucker's liability, physical damage, motor truck cargo,non-trucking liability and general liability coverage toindependent agents countrywide.

"Bringing Seaboard into American Wholesale will greatly enhanceour capabilities and offerings to retail agents," said StevenDeCarlo, president and chief executive officer of AmericanWholesale. "Throughout their forty-six years, Seaboard has earned asolid reputation as the leading underwriter of long-haul truckingbusiness."

"Joining American Wholesale is a natural combination for us"said Joe Hutelmyer, president of Seaboard Underwriters. "Theircommitment to serving retail agents is on par with ours. As part ofthe American Wholesale team, we will be able to draw on theresources and scale of their national wholesale capabilities andeventually be able to broaden our support to those agents whospecialize in the long-haul transportation industry."

Mr. Hutelmyer, his management group, and employees in bothBurlington and Council Bluffs, Iowa, will continue doing businessfrom their current locations.

Mr. Hutelmyer was recently elected as president-elect of theAmerican Association of Managing General Agents based in King ofPrussia, Pa.

American Wholesale, with the acquisition of Seaboard, nowconsists of 10 individual wholesalers and has premium volumeexceeding $800 million a year.