AmTrust acquires automobile insurer

AmTrust Financial Services is set to acquire CorePointe Insurance Company, a subsidiary of CorePointe Group.

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.

In 2013, CorePointe generated $53.7 million in net earned premium.

Barry Zyskind, president and chief executive officer of AmTrust Financial Services, said: "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 distribution provides the Company with attractive diversification of both products and distribution.

"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."