AmTrust Financial Services has closed its purchase of a workers’ compensation insurer—a subsidiary of Blue Cross & Blue Shield of Florida (Florida Blue)—right according to plan.
AmTrust isn’t disclosing its purchase price of Comp Options Insurance Co., but the New York-based multinational insurance holding company did say it is paying cash, at approximately 1.2 times tangible book value.
Over the last 12 months, Comp Options produced about $70 million in workers’ compensation premium in Florida. AmTrust said that it shares a marketing approach with Comp Options, which also targets businesses with a low-hazard risk profile. Comp Options sells its coverage through independent agents.
AmTrust President and CEO Barry Zyskind said in a statement that his company looks forward to integrating Comp Options’ low-hazard workers’ comp insurance risks and related staff into its own operations. He said AmTrust would also work with Florida Blue “as a marketing partner to further build our insurance business and add value for our shareholders.”
AmTrust initially announced its planned acquisition in late June 2014.
Source: AmTrust Financial Services Inc
Topics Mergers & Acquisitions Florida Workers' Compensation Talent
Was this article valuable?
Here are more articles you may enjoy.
Single Loose Wire Led to Blackout That Caused Dali Crash Into Baltimore Bridge 
Lawsuit Alleges Farm Bureau Financial Concealed Fraudulent Activities 
AM Best Downgrades State Farm Mutual Auto 
P/C Insurer Rankings Down Overall on Higher Costs, Changing Customer Expectations 
