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Slide #75. AmTrust Financial Services, Inc. — Sagicor Europe Limited
AmTrust Financial Services, Inc. (AFSI)
Sagicor Europe Limited
AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") announced today that one of its wholly-owned subsidiaries has entered into an agreement to acquire Sagicor Europe Limited and its wholly-owned subsidiaries (SEL), including Sagicor at Lloyd's Limited, from Sagicor Financial Corporation for approximately 56 million, which is 15 million above SEL's net asset value as of December 31, 2012. The Company expects to fund the purchase using existing working capital. Sagicor of Lloyd's Limited, is a managing agency and owner of Lloyd's property/casualty insurance syndicate 1206 with stamp capacity of 200 million and Lloyd's life insurance syndicate 44 with stamp capacity of 7 million. In addition, SEL includes a Cayman Islands domiciled reinsurance entity. The transaction is expected to close in the fourth quarter of 2013, pending regulatory and other necessary approvals.
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)
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