Chicago-based Unitrin, Inc. has agreed to sell its Unitrin Business Insurance segment to AmTrust Financial Services, Inc. in a cash transaction.
Terms were not disclosed; however, Unitrin indicated that the transaction is not expected to have a significant impact on its financial position. The transaction is subject to the negotiation and execution of a definitive agreement, satisfactory completion of AmTrust’s due diligence review of UBI, approvals by insurance regulators and other customary closing conditions.
AmTrust, based in New York City, is a multinational specialty property and casualty holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers’ compensation, commercial automobile and general liability, extended service and warranty coverage.
AmTrust North America, through Rochdale and Technology Insurance Companies, offers mono-line workers’ compensation for small and mid-size businesses. AmTrust Underwriters Inc. specializes in risk funding arrangements to single entity and program business clients.
Unitrin is a $3 billion financial services company offering insurance and consumer finance products and services for individuals, families and small businesses.
Among the brands in Unitrin’s Property and Casualty Insurance business are Kemper, Unitrin Specialty and Unitrin Business Insurance, which sell personal and commercial insurance through networks of independent agents, and Unitrin Direct, which sells auto insurance directly to consumers. Unitrin has a life and health insurance unit and Fireside Bank, which specializes in automobile loans for the purchase of pre-owned vehicles.
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