AmTrust completes acquisition of Nationale Borg
AmTrust, a multinational property and casualty insurance company has completed the purchase of NV Nationale Borg-Maatschappij and its affiliates (Nationale Borg) from Egeria and HAL Investments for €161 million ($179.7 million) in cash.
AM Trust announced it had entered into agreement to acquire Nationale Borg back in August 2015.
The original cash purchase price was €154 million, but was subject to adjustment based upon Nationale Borg's tangible book value at time of closing.
Nationale Borg is a 120-year-old, Amsterdam-based international direct writer and reinsurer of surety and trade credit insurance in over 70 countries. In the past 12 months ending March 31, 2016, Nationale Borg generated premiums of €94 million.
Barry Zyskind, president and chief executive officer of AmTrust, said: "We believe the acquisition of Nationale Borg establishes AmTrust as a world class surety and trade credit insurance operation.
"Combining Nationale Borg's well-established and profitable international surety and trade credit insurance operations with AmTrust's growing international and domestic surety insurance business is expected to create a formidable presence in the market that should continue to achieve profitable growth and benefit from the significant resources of AmTrust."
