AmWINS Group Withdraws IPO
Wholesale broker AmWINS Group Inc. announced its withdrawal for an initial public offering of company shares.
AmWINS, formerly American Wholesale Insurance Group, originally filed its registration statement with the Securities and Exchange Commission in November 2006 and amended the filing as recently as March 2007.
The company had said that it planned to use the proceeds of the IPO to pay down $166.8 million in debt under two credit facilities.
In a letter to the SEC Wednesday, though, AmWINS Chief Executive Officer M. Steven DeCarlo said the company had decided not to proceed with the IPO “at this time.” Mr. DeCarlo could not be reached for comment.
Charlotte, N.C.-based AmWINS, the third-largest U.S. wholesale broker based on 2006 premium volume, was acquired by private equity firm Parthenon Capital L.L.C. in October 2005. Earlier that year, AmWINS had acquired Stewart Smith Group Inc., the wholesale arm of Willis Group Holdings Ltd.
Published on October 4, 2007
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