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Slide #38. AmTrust Financial Services, Inc. — Renewal Rights and Assets of Tower Group International's Commercial Lines Insurance Business
AmTrust Financial Services, Inc. (AFSI)
Renewal Rights and Assets of Tower Group International's Commercial Lines Insurance Business
AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") announced it has agreed to acquire the renewal rights and assets of the commercial lines insurance operations ("Commercial Lines Business") of Tower Group International, Ltd ("Tower") in connection with an agreement simultaneously entered into by ACP Re Ltd, ("ACP Re"), a privately held Bermuda corporation, and Tower pursuant to which a subsidiary of ACP Re has agreed to acquire 100% of the outstanding stock of Tower for $3.00 per share and merge with Tower, subject to regulatory and shareholder approval (the "Merger").
AmTrust Financial Services, through its subsidiaries, underwrites and provides property and casualty insurance products to several customer groups that are underserved within the insurance market. Co. operating segments are: Small Commercial Business, which provides workers' compensation insurance; Specialty Risk and Extended Warranty, which provides custom designed coverages, such as accidental damage plans, mechanical breakdown protection and payment protection plans; and Specialty Program, which provides workers' compensation, general liability, commercial auto liability, property coverage, excess and surplus lines programs and other specialty commercial property and casualty insurance.
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Buy (3.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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