American Wholesale Acquires Seaboard Underwriters

American Wholesale Acquires Seaboard Underwriters

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

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

"Bringing Seaboard into American Wholesale will greatly enhance our capabilities and offerings to retail agents," said Steven DeCarlo, president and chief executive officer of American Wholesale. "Throughout their forty-six years, Seaboard has earned a solid reputation as the leading underwriter of long-haul trucking business."

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

Mr. Hutelmyer, his management group, and employees in both Burlington and Council Bluffs, Iowa, will continue doing business from their current locations.

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

American Wholesale, with the acquisition of Seaboard, now consists of 10 individual wholesalers and has premium volume exceeding $800 million a year.