US-based AmTrust Financial Services has agreed to acquire Genworth Financial Mortgage Insurance (GMFI), for around $60m in cash.

With tangible book value of around $155m, GFMI operates mortgage insurance business in European countries.

The firm currently provides its products in the UK, Finland, Italy and Germany.

AmTrust Financial Services president and CEO Barry Zyskind said: "We believe GFMI represents an excellent opportunity for the diversification and expansion of AmTrust’s international insurance business.

"We are excited to rebuild GFMI’s mortgage insurance business in Europe, especially at a time when we believe market conditions for mortgage insurance in Europe are improving."

Subject to regulatory approval, the deal is expected to complete in the first quarter of 2016.

In September this year, AmTrust also signed an agreement with Delek Group and Republic Insurance Holdings to acquire Republic Companies, for around $233m.

Based in Texas, Republic provides property and casualty insurance services for its customers. It reported total direct premiums of around $711m in 2014.

AmTrust provides specialty property and casualty insurance products, including workers’ compensation, commercial automobile, general liability and extended service and warranty coverage.