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Amtrust Financial Services Inc Enters Into Agreement To Acquire Sagicor Europe Limited From Sagicor Financial Corp


Monday, 29 Jul 2013 07:30am EDT 

AmTrust Financial Services Inc announced that one of its wholly-owned subsidiaries has entered into an agreement to acquire Sagicor Europe Limited and its wholly-owned subsidiaries (SEL), including Sagicor at Lloyd's Limited, from Sagicor Financial Corporation for approximately GBP56 million, which is GBP15 million above SEL's net asset value as of December 31, 2012. The Company expects to fund the purchase using existing working capital. Sagicor of Lloyd's Limited, is a managing agency and owner of Lloyd's property/casualty insurance syndicate 1206 with stamp capacity of GBP200 million and Lloyd's life insurance syndicate 44 with stamp capacity of GBP7 million. In addition, SEL includes a Cayman Islands domiciled reinsurance entity. The transaction is expected to close in the fourth quarter of 2013, pending regulatory and other necessary approvals. 

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61.5
-5.5 -8.21%
11 Jul 2014