AmTrust Financial Services has completed the acquisition of Netherlands-based Nationale Borg-Maatschappij and its affiliates from Egeria and HAL Investments, for €161m in cash.
The deal was first announced by both firms in last August.
Based in Amsterdam, the 120-year Nationale Borg is an international direct writer and reinsurer of surety and trade credit insurance in around 70 countries.
The company reported premiums of around €94m in the last fiscal year ended in March.
AmTrust Financial Services president and CEO Barry Zyskind said: "We believe the acquisition of Nationale Borg establishes AmTrust as a world class surety and trade credit insurance operation.
"Combining Nationale Borg’s well-established and profitable international surety and trade credit insurance operations with AmTrust’s growing international and domestic surety insurance business is expected to create a formidable presence in the market that should continue to achieve profitable growth and benefit from the significant resources of AmTrust."
In April, AmTrust signed an agreement o acquire specialty insurance firm ANV Holdings and its affiliates from Ontario Teachers’ Pension Plan for $218.7m.
ANV underwrites various commercial property and casualty insurance products through its three Lloyd’s syndicates 1861, 5820 and 779, as well as managing general underwriter.
Through its insurance subsidiaries, AmTrust provides specialty property and casualty insurance products such as workers’ compensation, commercial automobile, general liability and extended service and warranty coverage.
Image: AmTrust Financial has completed the acquisition of Netherlands-based Nationale Borg-Maatschappij and its affiliates. Photo: courtesy of adamr / FreeDigitalPhotos.net.