New York-based AmTrust Financial Services, Inc. has agreed to acquire CyberComp, the workers’ compensation business unit of Swiss Re, in a renewal rights transaction.
Serving the workers’ compensation needs of small to medium-sized employers in 26 states, CyberComp distributes through a network of 13 regional wholesale agencies and more than 600 retail agencies.
In the 12 month period ending June 30, 2009, net written premium totaled approximately $100 million.
CyberComp is an Internet-based monoline workers’ compensation facility. CyberComp allows agents to enter data, get quotes and issue policies in minutes.
Barry Zyskind, president and CEO of AmTrust, said the renewal rights acquisition offers his firm “an opportunity to obtain and develop a book of business that is an appropriate and complementary fit to our business.”
CyberComp began as a facsimile quote system in 1998. In 1999, the underwriting model was transitioned to a Web-based application and policy processing system. CyberComp was one of the early adopters of this technology. In 2001, GE Insurance Solutions acquired the business and fueled the growth of the business. In 2006, Swiss Re purchased GE Insurance Solutions and the CyberComp platform.
AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company offfering specialty property and casualty insurance products, including workers’ compensation, commercial automobile and general liability; extended service and warranty coverage.
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