AmTrust Financial to acquire Lloyd’s insurer ANV Holdings for $218m
AmTrust Financial Services has signed an agreement to acquire specialty insurance firm ANV Holdings and its affiliates from Ontario Teachers’ Pension Plan for $218.7m.
The company has also agreed to support ANV's funds at Lloyd's, including the replacement of of Ontario Teachers' Pension Plan's participation.
ANV underwrites various commercial property and casualty insurance products through its three Lloyd's syndicates 1861, 5820 and 779, as well as managing general underwriter.
The firm reported gross written premium of $508m in the last year, while its three managed syndicates generated gross written premium of $710m in the same year.
AmTrust Financial Services president and CEO Barry Zyskind said: "We view the proposed acquisition of ANV as a transformative transaction for AmTrust's Lloyd's operation.
"The combination of our Lloyd's business and ANV's established organization will allow our Company to have a greater presence in the renowned Lloyd's of London marketplace."
ANV Group CEO Lynsey Cross said: "In AmTrust, ANV has found the ideal partner to support the next stage of ANV's strategic development, growing its international footprint, building upon the existing underwriting platform and helping to fulfill ANV's long-term potential."
AmTrust also completed the acquisition of Republic Companies and its affiliates from Delek Group and Republic Insurance Holdings for $233m.
Based in Texas, Republic offers property and casualty insurance services to its customers.
Through its insurance subsidiaries, AmTrust offers specialty property and casualty insurance products, such as workers' compensation, commercial automobile, general liability and extended service and warranty coverage.
Image: AmTrust Financial to acquire specialty insurance firm ANV Holdings. Photo: courtesy of stockimages / FreeDigitalPhotos.net.