An insurance wholesaler has decided against trying to sell stock to the public.
M. Steven DeCarlo, chief executive of AmWINS Group Inc., Charlotte, N.C., has sent a letter to the U.S. Securities and Exchange Commission withdrawing an initial public offering application AmWINS filed in November 2006.
Representatives for AmWINS were not immediately available to comment on the withdrawal of the IPO application.
Parthenon Capital L.L.C., Boston, a private equity firm, has owned AmWINS since 2005.
Parthenon reported in June that it had worked with a unit of Wachovia Corp., Charlotte, to refinance an affiliated fund's investment in AmWINS.
In June, Parthenon reported that AmWINS employees own about 30% of AmWINS.
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