AmTrust Financial Services Closes Acquisition Of Insco Dico Group - Quick Facts

(RTTNews) - AmTrust Financial Services Inc. (AFSI) announced Friday that it has received final regulatory approval and completed the acquisition of The Insco Dico Group. The $88.7 million purchase price was about $7.0 million above Insco Dico's tangible book value as of December 31, 2013. The transaction was funded with existing working capital.

Insco Dico's subsidiaries include Developers Surety and Indemnity Company and Indemnity Company of California, which offer surety insurance to developers and contractors in all 50 states with California as the largest state.

In addition, Insco Dico's subsidiary, Builders Insurance Services, markets general liability insurance policies to contractors in several western states.

In 2013, Insco Dico generated approximately $52.0 million in insurance premium.

In September 2013, AmTrust Financial Services had said it agreed to acquire The Insco Dico Group for about $85 million, or $7.0 million above its tangible book value. The deal is to be funded through existing working capital.