AmTrust To Buy Dutch Surety And Trade Credit Insurer For EUR 154 Mln In Cash

(RTTNews) - Insurance holding company AmTrust Financial Services, Inc. (AFSI) announced Wednesday that it has entered into an agreement to acquire Nationale Borg-Maatschappij and its affiliates from Egeria and HAL Investments. The cash purchase price of 154 million euros.

The company said the consideration is subject to adjustment based upon Nationale Borg's tangible book value at time of closing. Pending regulatory approval, the companies expect to close the deal by year-end 2015.

Amsterdam-based Nationale Borg is an international direct writer and reinsurer of surety and trade credit insurance in over 70 countries. In 2014, Nationale Borg generated premiums of 91 million euros.

AmTrust President and CEO Barry Zyskind, said, "Combining Nationale Borg's international and domestic surety and trade credit insurance operations with AmTrust's established surety operations creates a formidable global surety business with over $200 million in premiums."