Merger of NAPSLO and AAMGA could be finalized by AugustPosted On: Mar. 8, 2017 2:35 PM CST
The National Association of Professional Surplus Lines Offices Ltd. and the American Association of Managing General Agents on Wednesday said they plan to merge into a new organization, the Wholesale & Specialty Insurance Association, that will begin operations Aug. 1 if the merger is approved by their members.
Kansas City, Missouri-based NAPSLO and King of Prussia, Pennsylvania-based AAMGA had announced they were discussing the merger in October.
Association leaders discussed their plans at a town hall meeting Tuesday at the NAPSLO Mid-Year Leadership Forum in Fort Lauderdale, Florida.
The AAMGA board of directors approved a draft letter of intent on Feb. 10, and the NAPSLO board of directors approved it March 5. The letter outlines the basic structure of the proposed merger, key attributes of the merged organizations and an outline of how the merger will be considered, voted upon and implemented.
According to the timeline in the letter, a final proposal will be subject to final approval by both boards in mid-April that will be followed by membership votes beginning in June.
The new organization will be based in Kansas City, with a planned expansion of NAPSLO’s existing office space.
"We are confident that this consolidation has been approached in a thorough, thoughtful manner and will leverage the synergy of the AAMGA and NAPSLO,” Hank Haldeman, chairman of the merger committee and NAPSLO Past President, said in a statement.
Mr. Haldeman is president of Anaheim, California-based G.J. Sullivan Co., an excess and surplus lines broker.