AmTrust To Buy ANV Holdings From Ontario Teachers' Pension Plan For $218.7 Mln

(RTTNews) - AmTrust Financial Services, Inc. (AFSI) said it has agreed to acquire ANV Holdings B.V. and its affiliates from Ontario Teachers' Pension Plan for $218.7 million in cash.

ANV is a specialty insurance company that underwrites a variety of commercial property/casualty insurance products through its three Lloyd's syndicates and managing general underwriter.

The transaction is expected to close during the third or fourth quarter of 2016. AmTrust expects to fund the transaction with existing working capital and also to be immediately accretive.

In addition, AmTrust will support ANV's Funds at Lloyd's, including replacing of Ontario Teachers' Pension Plan's participation. In 2015, ANV generated gross written premium of $508 million.

"We view the proposed acquisition of ANV as a transformative transaction for AmTrust's Lloyd's operation. The combination of our Lloyd's business and ANV's established organization will allow our Company to have a greater presence in the renowned Lloyd's of London marketplace," said AmTrust Financial Services President and CEO, Barry Zyskind.