Through the acquisition, Amynta Surety Solutions aims to provide innovative insurance and surety solutions to its clients
Amynta Group acquires insurance business from Aspen. (Credit: Pixabay/Tumisu.)
Amynta Group, a property & casualty (P&C) insurance services provider, has acquired the surety operations from Aspen Insurance for an undisclosed amount.
The surety operations of Aspen Insurance will now operate under Amynta Surety Solutions.
Established in 2011, Amynta Surety Solutions offers underwriting services across commercial surety market. The company focuses mainly on large private account business and speciality market niches where risk selection and loss mitigation are critical. It will continue to be led by CEO Michael Toppi.
Amynta Group chairman and CEO Robert Giammarco said: “We are very excited to welcome Michael Toppi and the entire surety team to Amynta, forming the foundation of our surety practice.
“The business brings a well-established surety team with a proven underwriting track record and culture of delivering creative solutions for clients.”
Amynta forms strategic partnership with Crum & Forster
As part of the transaction, Amynta Group has partnered with Crum & Forster, a P&C insurance company and subsidiary of Fairfax Financial.
Under the agreement, Crum & Forster will provide underwriting capacity for Amynta Surety Solutions and assume Aspen’s in-force surety portfolio.
Furthermore, Amynta Surety Solutions will act as the exclusive writer of large commercial surety bonds for Crum & Forster.
Giammarco added: “We are thrilled to be partnering with Crum & Forster to support the growth of Amynta Surety Solutions. Crum & Forster has a strong surety practice and offers excellent security to our clients.”
Aspen chairman and CEO Mark Cloutier said: “We are pleased to have reached this agreement with Amynta and Crum & Forster.
“This agreement facilitates continuity for both our clients and colleagues with a strong partnership in place that is focused on strategic growth, which was a key consideration in our decision.”
Amynta Group is an underwriter operating across North America, Europe, and Australia, with over $3.5bn in managed premium and 2,000 associates.
The company serves carriers, wholesalers, retail agencies, auto dealers, OEMs and consumer product retailers with insurance and warranty protection solutions.