AmTrust Financial Services has agreed to acquire Florida-based workers’ compensation insurer OptaComp, an affiliated company of Blue Cross & Blue Shield of Florida.
During the past 12 months, OptaComp generated approximately $60 million in workers' compensation insurance premium in the state of Florida. OptaComp's marketing approach is similar to AmTrust's, targeting small businesses that have a low-hazard risk profile.
"We are excited to have OptaComp join our organisation. We believe this proposed purchase will add value to AmTrust and its shareholders," said AmTrust Financial Services president and chief executive officer, Barry Zyskind.
"We are excited about the synergies we expect to gain given OptaComp's complimentary target market of low-hazard workers' compensation insurance risks. We also look forward to assessing opportunities to continue working with Florida Blue, the health insurance market leader in Florida, on access to its extensive sales network and innovative approaches to medical cost management."
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AmTrust, Barry Zyskind, North America, OptaComp