New York City-based multinational property and casualty insurance firm AmTrust Financial Services has completed its acquisition of ANV Holdings and its affiliates from Canada’s Ontario Teachers' Pension Plan for about $203m.
ANV is a global specialty insurance company, which deals in underwriting a range of commercial property and casualty insurance products via its three Lloyd’s syndicates as well as its managing general underwriter.
The company's three managed syndicates 1861, 779 and 5829 have reported gross written premium of $724.4m in the last 12 months period ending September 30, 2016.
AmTrust Financial Services chairman, president and CEO Barry Zyskind said: "We believe adding ANV's experienced management and established reputation to AmTrust's existing Lloyd's operations will generate profitable growth and attractive returns for our shareholders.”
Out of the $724.4m gross written premium, $542.3m was underwritten by ANV for its own account. The remainder gross written premium was managed for a fee by the specialty insurer for third party capital providers.
ANV Group CEO Lynsey Cross said that the combined operations of the two companies at Lloyd’s will help AmTrust with a Lloyd’s platform that can compete effectively on a global scale.
Cross added: "We look forward to benefiting from AmTrust's technical capabilities and achieving reinsurance efficiencies that should lead to profitable success for our combined operations."
AmTrust, headquartered in New York, provides specialty property and casualty insurance products.
The insurer recently reported an increase of 15% in its Q3 2016 net revenue at $1.41bn, compared to $1.23bn earned in the same period last year.
The gross written premium was $2.03bn in Q3 2016 which was a 14% spike compared to the $1.78bn figure in Q3 2015.
Last month, AmTrust agreed to acquire AmeriHealth Casualty Insurance Company from Independence Health Group for $90m.
Image: AmTrust has completed acquisition of ANV. Photo: courtesy of patrisyu/Freedigitialphotos.net.