AmTrust Financial Services Inc. announced it has entered into a definitive agreement to acquire Birmingham, Mich.-based CorePointe Insurance Co. (CorePointe), a wholly owned subsidiary of CorePointe Group LLC. The cash transaction is subject to regulatory approval.
Established in 1964 CorePointe is a specialty property/casualty insurance company that markets commercial package insurance products primarily to automobile and motorcycle dealerships and auto repair shops. The majority of CorePointe’s insurance products and services are distributed through MGAs with whom CorePointe has had a long-standing relationship. In 2013, CorePointe profitably generated $53.7 million in net earned premium.
AmTrust Financial Services Inc., a multinational insurance holding company headquartered in New York, N.Y., offers specialty property and casualty insurance products, including workers’ compensation, commercial automobile, general liability, and extended service and warranty coverage through its primary insurance subsidiaries rated “A” (Excellent) by A.M. Best.
Source: AmTrust Financial Services Inc.
Topics Mergers & Acquisitions
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