AmTrust to acquire trade credit insurer
US insurer AmTrust has unveiled plans to acquire Amsterdam-based surety and trade credit insurer NV Nationale Borg-Maatschappij and its affiliates (Nationale Borg).
AmTrust will acquire Nationale Borg from Egeria and HAL Investments.The purchase price is currently €154 million, however this is subject to adjustment based on Nationale Borg's tangible book value at time of closing.
Nationale Borg generated premiums of €91 million in 2014.
Barry Zyskind, AmTrust president and chief executive officer, said: "Combining Nationale Borg's international and domestic surety and trade credit insurance operations with AmTrust's established surety operations creates a formidable global surety business with over $200 million in premiums.
"With the completion of the transaction, AmTrust will be in over 44 countries and have a platform with over one hundred years of experience. With this organisation we believe we can continue to build a scalable and profitable operation in the niche market for surety and trade credit insurance."
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