Key Developments: AmTrust Financial Services Inc (AFSI.O)
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168,825
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$23.90
Latest Key Developments (Source: Significant Developments)
Amtrust Financial Services Inc Completes Acquisition Of Mutual Insurers Holding Company
Amtrust Financial Services Inc announced that it has completed the acquisition of Mutual Insurers Holding Company (MIHC) and MIHC's subsidiary, First Nonprofit Insurance Company. Full Article
Amtrust Financial Services Inc Completes Acquisition Of Sequoia Insurance Company And Subsidiaries
Amtrust Financial Services Inc announced that it completed the acquisition of Sequoia Insurance Company and its subsidiaries, Sequoia Indemnity Company and Personal Express Insurance Company, for approximately $60 million. Sequoia offers low hazard, property/casualty insurance products, including workers' compensation and commercial package insurance, to small businesses in several western states. Full Article
Amtrust Financial Services Inc Enters Into Agreement to Acquire CPPNA from CPPGroup PLC
Amtrust Financial Services Inc announced that it has entered into an agreement to acquire CPPNA Holdings Inc for approximately $40 million from UK- based CPPGroup PLC. The purchase of CPPNA is expected to close during the second quarter of 2013. CPPNA provides administrative services for consumer protection products including identity theft protection and warranties related to credit card purchases. Full Article
Amtrust Financial Services Inc Announces 40% Increase to Quarterly Cash Dividend
Amtrust Financial Services Inc announced that its Board of Directors approved a 40% increase in the quarterly cash dividend to $0.14 per share of common stock from $0.10 per share per common stock. The dividend will be payable on April 15, 2013, to shareholders of record as of April 1, 2013. Full Article
Amtrust Financial Services Inc's IGI Group Limited Completes Acquisition of Car Care Plan (Holdings) Limited
Amtrust Financial Services Inc announced that a wholly owned subsidiary of the Company, IGI Group Limited, completed the acquisition of Car Care Plan (Holdings) Limited (CCPH) from Ally Insurance Holdings, Inc. (Ally) for approximately $70 million. The purchase price represented the consolidated tangible book value of CCPH as of the closing, subject to certain adjustments. Over the next year, CCPH is projected to generate revenue for the Company in excess of $140 million including fee income of more than $30 million and pre-tax profits of over $14 million. As a part of the acquisition, Ally agreed to a three-year non-compete and non-solicit, subject to certain limited exceptions and will provide additional indemnity for liabilities of CCPH for pension plans, tax liabilities and other matters. CCPH provides insurance and administrative services to major auto manufacturers for auto extended warranty, guaranteed asset protection (GAP), wholesale floor plan insurance and other auto warranty and insurance products. Headquartered in the United Kingdom, CCPH has operations in the United Kingdom, Europe, China, North America and Brazil. Full Article
Amtrust Financial Services Inc Announces Intent To Acquire Sequoia Insurance Company And Subsidiaries-DJ
Dow Jones reported that Amtrust Financial Services Inc has entered into a definitive agreement, pending regulatory approval, to acquire Sequoia Insurance Company and its subsidiaries, Sequoia Indemnity Company and Personal Express Insurance Company (Sequoia) for approximately $60 million. Full Article
Amtrust Financial Services Inc Announces Acquisition Of First Nonprofit Companies, Inc. and Intent To Acquire Mutual Insurers Holding Company
Amtrust Financial Services Inc announced that the Company has acquired First Nonprofit Companies, Inc. ("FNC"). In addition, the Company has entered into a definitive agreement, pending regulatory and policyholder approval, to acquire Mutual Insurers Holding Company ("MIHC") following the completion of the conversion of MIHC to a stock company from a mutual holding company. MIHC is the parent of First Nonprofit Insurance Company ("FNIC"). During the 12 months following the completion of the transactions, the Company expects the acquisitions to contribute $0.12 to $0.14 per diluted share. FNC serves approximately 1,500 nonprofit and government entities. FNC offers unique services as well as insurance programs underwritten by FNIC which are designed to allow nonprofit and government entities to economically manage their unemployment tax obligations. Full Article
Amtrust Financial Services Inc Announces Rescheduling Of Quarterly Dividend
Amtrust Financial Services Inc announced that Board of Directors approved a rescheduling of the quarterly cash dividend of $0.10 per share of common stock. The dividend will now be payable on December 28, 2012, to shareholders of record as of December 14, 2012. Full Article
Amtrust Financial Services Inc Announces Quarterly Cash Dividend
Amtrust Financial Services Inc announced that its Board of Directors approved a quarterly cash dividend of $0.10 per share of common stock. The dividend will be payable on January 15, 2013, to shareholders of record as of January 2, 2013. Full Article
Amtrust Financial Services Inc's Subsidiary Enters Into Agreement To Acquire Car Care Plan (Holdings) Limited From Ally Insurance Holdings, Inc.
Amtrust Financial Services Inc announced that one of its wholly owned subsidiaries has entered into an agreement to acquire Car Care Plan (Holdings) Limited ("CCPH") from Ally Insurance Holdings, Inc. ("Ally") for approximately $70 million. The Company expects to fund the purchase using existing working capital. CCPH, a wholly owned subsidiary of Ally, provides insurance and administrative services to major auto manufacturers for auto extended warranty, guaranteed asset protection (GAP), wholesale floor plan insurance and other auto warranty and insurance products. Full Article
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