AmWINS Group Inc, the largest wholesale insurance broker in the United States by premiums placed, said it reached an agreement with private equity company New Mountain Capital for a $1.3 billion recapitalization.

American International Groups recapitalization efforts have resulted in the insurance giant nearly halving its debt-and-preferred-to-total-capital ratio to 41.6 percent in 2011 compared to 81.2 percent in 2010.

Pennsylvania has become the first of four states needed to approve a merger between Nationwide Mutual Insurance Co. and Harleysville Mutual Insurance Co.