US-based insurance firm AmTrust Financial Services has completed the acquisition of Pennsylvania-based ARI Insurance (ARI Mutual Insurance).
Terms of the deal, first announced in March 2015, have not been disclosed.
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AmTrust Financial Services president and CEO Barry Zyskind said: “We are pleased to announce the completion of the acquisition of ARI, which we expect will provide us with excellent opportunities to expand our niche property/casualty insurance distribution and product capabilities.
“We believe ARI’s experienced management team and attractive distribution enhances AmTrust’s abilities in key insurance markets and should contribute favorably to profitable growth and thus, shareholder value.”
ARI is claimed to be one of the top ten writers of commercial automobile insurance in New Jersey.
The company, which has also recently expanded its operations to the Pennsylvania and Maryland, wrote around $58 million in premiums.
Last September, AmTrust completed the acquisition of Wells Fargo business, Warranty Solutions, for around $158 million in cash.
Warranty Solutions provides vehicle service contracts and auto-related finance and insurance products to automobile dealerships in the US.
Through its subsidiaries, AmTrust offers property and casualty insurance products, including workers’ compensation, commercial automobile, general liability and extended service and warranty.
