AmTrust Financial Services, Inc. Announces Its Intent to Acquire CorePointe Insurance Company
NEW YORK, Nov. 24, 2014 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") announced today that it has entered into a definitive agreement, pending regulatory approval, to acquire for cash, CorePointe Insurance Company ("CorePointe"), a wholly-owned subsidiary of CorePointe Group LLC. The transaction is expected to be immediately accretive.
"The proposed acquisition of CorePointe demonstrates our continued commitment to grow the Company through accretive transactions that offer excellent strategic opportunities. CorePointe's key commercial auto related insurance products and established managing general agent (MGA) distribution provides the Company with attractive diversification of both products and distribution," said AmTrust Financial Services, Inc., President and CEO, Barry Zyskind. "We are excited to welcome the seasoned team from CorePointe to our organization. We look forward to improving CorePointe's profitability by reducing expenses through the application of our technology onto their operations."
Established in 1964, and located in Birmingham, Michigan, CorePointe is a specialty property/casualty insurance company that markets commercial package insurance products primarily to automobile and motorcycle dealerships and auto repair shops. The majority of CorePointe's insurance products and services are distributed through MGAs with whom CorePointe has had a long-standing relationship. In 2013, CorePointe profitably generated $53.7 million in net earned premium.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, NY, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries rated "A" (Excellent) by A.M. Best. For more information visit www.amtrustgroup.com, or call AmTrust toll-free at 855-327-2223.
CONTACT: For more information, please contact: AmTrust Financial Services, Inc. Investor Relations Elizabeth Malone CFA 646.458.7924 firstname.lastname@example.org Media Contact Kekst & Company Robert Siegfried email@example.com 212.521.4832 Ross Lovern firstname.lastname@example.org 212-521-4876