Insurance Brokers M&A » By The Online Investor Staff, updated Wed., Jun. 29, 8:10 AM
Recent mergers and acquisitions in the Insurance Brokers M&A category.
| This Slide: #91 of 100 |
Slide #91. AmTrust Financial Services, Inc. — CPPNA Holdings, Inc.
Acquirer:
AmTrust Financial Services, Inc. (AFSI)
Acquiree:
CPPNA Holdings, Inc.
Details:
AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company") announced today that it has entered into an agreement to acquire CPPNA Holdings, Inc. ("CPPNA") for approximately $40 million from UK- based CPPGroup PLC (LSE:CPP). The purchase of CPPNA is expected to close during the second quarter of 2013. Over the next year, we anticipate CPPNA will produce approximately $70 million in fee revenue.
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.
Preferreds: AFSI.PRA, AFSI.PRB, AFSI.PRD, AFSI.PRC, AFSI.PRE, AFSI.PRF
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