US-based multinational insurance holding firm AmTrust Financial Services has signed an agreement to acquire Netherlands-based Nationale Borg-Maatschappij and its affiliates from Egeria and HAL Investments, for around €154m.
Based in Amsterdam, the 120-year old Nationale Borg is an international direct writer, as well as reinsurer of surety and trade credit insurance in around 70 countries across the globe.
The company is claimed to be the only independent provider of guarantees in the Netherlands and Belgium.
Nationale Borg generated premiums of €91m in 2014.
AmTrust Financial Services president and CEO Barry Zyskind: ""Combining Nationale Borg’s international and domestic surety and trade credit insurance operations with AmTrust’s established surety operations creates a formidable global surety business with over $200m in premiums.
"With the completion of the transaction, AmTrust will be in over 44 countries and have a platform with over one hundred years of experience.
"With this organization we believe we can continue to build a scalable and profitable operation in the niche market for surety and trade credit insurance."
Subject to regulatory approval, the deal is expected to complete by the end of this year.
Through its insurance subsidiaries, AmTrust provides specialty property and casualty insurance products, including workers’ compensation, commercial automobile, general liability and extended service and warranty coverage.
Image: AmTrust to acquire surety and trade credit insurer Nationale Borg. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.