AmTrust acquires ANV for $218.7m
AmTrust Financial Services, multinational insurance holding company, has entered into an agreement to acquire specialty insurance company ANV Holdings and its affiliates from c for $218.7 million in cash.
In addition, AmTrust will support ANV's Funds at Lloyd's, including replacing of Ontario Teachers' Pension Plan's participation. The transaction is to be funded with existing working capital.
In 2015, ANV generated gross written premium of $508 million. ANV's three managed syndicates 1861, 5820 and 779 also reported gross written premium of $710 million last year.
The transaction is expected to close during the third or fourth quarter of 2016.
Barry Zyskind, president and chief executive officer (CEO), AmTrust Financial Services, said: "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.
“ANV's considerable capacity, established reputation and substantial industry experience will be important contributions to the Company's efforts to leverage a more robust Lloyd's infrastructure thus achieving greater economies of scale and higher profitability."
Lynsey Cross, ANV Group CEO, added: "In AmTrust, ANV has found the ideal partner to support the next stage of ANV's strategic development, growing its international footprint, building upon the existing underwriting platform and helping to fulfil ANV's long-term potential.
“The entrepreneurial and collaborative environment that AmTrust fosters is an excellent cultural fit for ANV. We anticipate the opportunities arising from this transaction will benefit both companies as well as enhance our client and partner offering. I look forward to working with the AmTrust team to deliver on the next stage of our joint development."
BofA Merrill Lynch acted as exclusive financial advisor to ANV Holding BV in connection with the transaction.
