AmTrust Completes Acquisition of ANV Holdings B.V.
AmTrust more than doubles Lloyd’s operations
NEW YORK, November 7 2016] (GLOBE NEWSWIRE) AmTrust Financial Services, Inc. (Nasdaq: AFSI) (the “Company” or “AmTrust”) today announced that it has completed the acquisition of ANV Holdings B.V. and its affiliates (“ANV”) from Ontario Teachers’ Pension Plan for approximately $203 million in cash.
During the last 12 months ending September 30, 2016, ANV’s three managed syndicates, 1861, 5820 and 779, reported gross written premium of $724.4 million. The reported gross written premium included $542.3 million underwritten by ANV for its own account and $182.1 million gross written premium managed for a fee by ANV for third party capital providers.
“We are excited to welcome ANV to AmTrust,” said AmTrust Financial Services, Inc. Chairman, President and CEO, Barry Zyskind. “We believe adding ANV’s experienced management and established reputation to AmTrust’s existing Lloyd’s operations will generate profitable growth and attractive returns for our shareholders.”
“The combined operations of ANV and AmTrust at Lloyd’s will provide AmTrust with a Lloyd’s platform that can effectively compete on a global scale,” said ANV Group CEO, Lynsey Cross. “We look forward to benefiting from AmTrust’s technical capabilities and achieving reinsurance efficiencies that should lead to profitable success for our combined operations.”
ANV is a specialty insurance company that underwrites a variety of commercial property/casualty insurance products through its three Lloyd’s syndicates and managing general underwriter. ANV has a well-established infrastructure composed of a highly skilled management team and solid underwriting capability.