AmTrust Financial To Acquire Insco Dico Group For $85 Mln.

(RTTNews) - AmTrust Financial Services Inc. (AFSI) Wednesday 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. The company expects the transaction to close within the next six months pending regulatory approval.

Insco Dico's subsidiaries include Developers Surety and Indemnity Co. and Indemnity Co. of California, which offer surety insurance to developers and contractors in all 50 states. In addition, Insco Dico's subsidiary, Builders Insurance Services, markets general liability insurance policies to contractors in several western states.

In 2012, Insco Dico generated about $50 million in insurance premium.