AmTrust Financial to Acquire First Nonprofit Companies
AmTrust also announces intent to acquire Mutual Insurers Holding Co.
Insurance Networking News, January 3, 2013
AmTrust Financial Services Inc. has acquired First Nonprofit Co. Inc. (FNC). In addition, AmTrust has entered into a definitive agreement, pending regulatory and policyholder approval, to acquire Mutual Insurers Holding Co. (MIHC) following the completion of the conversion of MIHC to a stock company from a mutual holding company.
MIHC is the parent of First Nonprofit Insurance Co. (FNIC), a provider of P&C insurance products to nonprofit organizations. During the 12 months following the completion of the transactions, AmTrust expects the acquisitions to contribute $0.12 to $0.14 per diluted share.
AmTrust says FNC serves about 1,500 nonprofit and government entities, offering insurance programs underwritten by FNIC. The programs are designed to allow nonprofit and government entities to economically manage their unemployment tax obligations.
FNIC wrote $70 million of premiums in 27 states in 2012, says AmTrust, with profitability as a result of a niche market focus and an appetite for low-hazard business.
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