AmWINS Group Inc. said it has agreed in principle to acquire The American Equity Underwriters, Inc. (AEU), a national specialist in insurance programs for maritime employers. No price was announced.
The Charlotte, N.C.-based wholesale broker said AEU, based in Mobile, Ala., has a special expertise in United States Longshore and Harbor Workers Compensation (USL&H) insurance.
Through its subsidiary, AEU Management, Ltd., AEU manages American Longshore Mutual Association, Ltd., a mutual insurance association based in Bermuda that is licensed by the U.S. Department of Labor to provide USL&H coverage to its members.
AEU has over 50 employees in its three locations: Mobile, Ala; New Orleans, and Houston.
AmWINS said the acquisition is expected to close in the second quarter of 2007.
M. Steven DeCarlo, AmWINS Chief Executive Officer, said in a statement that the acquisition makes sense for the broker. He said AEU is one of the largest underwriters of USL&H coverage in the country and has a broad client base across 30 states. The firm is licensed in all 50 states.
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