AmTrust Financial Services has completed the acquisition of Republic Companies and its affiliates from Delek Group and Republic Insurance Holdings for $233m.
The deal included $113m payment in cash at closing, as well as $15m of deferred payments to the sellers of the minority interest.
In addition, AmTrust has issued a $105m four-year interest note to Delek Group. The cash payments will be made over five years.
Based in Texas, Republic offers property and casualty insurance services to its customers.
With majority business in the Southwestern states, the company generated total direct premiums of about $762m in the last year.
AmTrust Financial Services president and CEO Barry Zyskind said: "We are excited to welcome Republic to the AmTrust organization. The addition of Republic’s diverse product offerings and established market relationships, particularly in the Southwest, presents excellent growth opportunities.
"Republic is another great example of AmTrust seeking to profitably build the business through strategic transactions."
Amtrust provides specialty property and casualty insurance products, comprising of workers’ compensation, commercial automobile, general liability and extended service and warranty coverage.