AmTrust Financial Services (AFSI) announced that it has completed the acquisition of 100% of the outstanding shares of First Nationwide Title Agency, LLC and its subsidiaries for cash.
First Nationwide and its majority shareholder, Steven Napolitano will be part of AmTrust Title, AmTrust’s expanding title insurance operation.
During 2015, First Nationwide generated approximately $50 million in premium, ranking it among the largest title insurance agencies in the New York metropolitan area.
Steven Napolitano has been appointed Senior Executive Vice President of AmTrust Title and President of the Direct Title Division. He established First Nationwide In August 2012. First Nationwide is headquartered in New York City and has two additional locations.
First Nationwide offers agency services for both the commercial and residential title insurance business throughout the U.S. with a concentration in the New York City metropolitan area.
"First Nationwide represents a key commitment to our growing title insurance operation," said AmTrust Financial Services, Inc. President and CEO, Barry Zyskind.
"Steve Napolitano and his successful team provide AmTrust with the critical resources to build a competitive title insurance business. We expect AmTrust Title will contribute to the Company’s fee and underwriting revenue."
AmTrust Financial Services, a multinational insurance holding company headquartered in New York City, offers specialty property and casualty insurance products, including workers’ compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries.