AmTrust Financial (AFSI) to Acquire AmeriHealth Casualty for $90M
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AmTrust Financial Services, Inc. (Nasdaq: AFSI) (the “Company” or “AmTrust”) today announced that the Company has entered into an agreement to acquire AmeriHealth Casualty Insurance Company (“AmeriHealth Casualty”) from Independence Health Group, Inc. (“IHG”) for approximately $90 million in cash. The transaction is to be funded with existing working capital. In 2015, AmeriHealth Casualty generated gross written premium of approximately $116 million. Pending regulatory approval, the transaction is expected to close during the fourth quarter of 2016.
“We look forward to welcoming AmeriHealth Casualty to the AmTrust group of commercial property and casualty companies. With the addition of AmeriHealth Casualty’s operations serving small-to-medium-sized businesses and municipalities, we will expand our presence as one of the largest workers’ compensation carriers in Pennsylvania and New Jersey,” said Barry Zyskind, Chairman, President and CEO AmTrust Financial Services, Inc. “AmeriHealth Casualty will bring a strong leadership team and solid book of business. We expect to continue to deliver a high standard of workers’ compensation coverage.”
IHG will retain CompServices, Inc. (CompServices), its third party administrator for workers' compensation business. CompServices will provide TPA services to its self-insured customers as well as to AmTrust, in accordance with the terms of this transaction.
AmeriHealth Casualty provides fully insured workers’ compensation insurance operating primarily in Pennsylvania and New Jersey.
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