AmTrust Financial Services Inc. announced today that it has entered into a definitive agreement, pending regulatory and policyholder approval, to acquire ARI Mutual Insurance Company in Newtown, Pennsylvania, following the completion of the conversion of ARI to a stock company from a mutual company.
AmTrust said it has also entered into a quota-share reinsurance agreement with ARI as a first step in the process to complete the acquisition. The transaction is expected to close by the fall of 2015.
ARI is one of the top 10 writers of commercial auto insurance in New Jersey and has recently entered Pennsylvania and Maryland, AmTrust said in its announcement. During 2014, ARI wrote approximately $58 million in premiums. The majority of the business was written in New Jersey.
AmTrust Financial Services, a multinational insurance holding company headquartered in New York City, offers specialty property/casualty insurance products, including workers’ compensation, commercial auto, general liability and extended service and warranty coverage, through its primary insurance subsidiaries.
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