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    Avemco Corp.
    list rank

    From the April 28, 1997 Washington Post


    '96 (in $ 000s) % Change From '95
    Revenue 127,890 13.0
    Net Income 12,288 55.2
    Rank Last Year: 63

    Description:
    Avemco is a holding company for a group of insurers specializing in aviation, marine and related types of coverage. Its main subsidiary is Avemco Insurance Co. Other subsidiaries write travel insurance and speciality coverage for financial institutions and offer loss-management and computer products for property-casualty insurers.

    Business Resume:
    • Contact Info --
      411 Aviation Way
      Frederick, Md. 21701
      301-694-5700
    • Main Business --
      Insurance
    • Founded --
      1959
    • Chairperson --
      William P. Condon (CEO)
    • President --
      John F. Shettle Jr.
    • Employees --
      482
    • D.C.-Area Employees --
      249
    Developments:
    In January Avemco agreed to a $227 million buyout by HCC Insurance Holdings Inc. of Houston. HCC covers international airlines with premiums averaging $250,000, while Avemco covers primarily general aviation with premiums of $3,000 or less.

    Avemco holders were to receive one share of HCC for each share of Avemco under the agreement. Avemco Chairman William P. Condon announced he would step down as Avemco chief executive, but said he would remain as chairman until the merger is completed. John F. Shettle Jr., who has been president of Avemco since 1994, would take over as CEO.

    Copyright 1997 The Washington Post

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