Flurry of acquisitions for AmTrust
US insurer AmTrust has seen a flurry of acquisition activity as it revealed it had bought two companies yesterday, January 5, 2015.
The insurer has acquired Oryx Insurance Brokerage, a managing general agent (MGA) and wholesaler, and TMI Solutions, a company that offers monthly billed warranty solutions for a variety of consumer electronics as well as consumer protection services.
Oryx was established in 1996 as a MGA and wholesaler and provides insurance products to the construction industry in upstate New York. For 2014, Oryx placed $80 million in premiums through over 135 agencies with the majority of business underwritten by AmTrust.
Located in Georgia, TMI Solutions’ warranties are primarily distributed in conjunction with large telecommunication monthly customer billing services.
"We are excited to be forming a closer relationship with Tom Pasquale, Oryx's leader and the rest of the Oryx team," said Barry Zyskind, president and chief executive officer of AmTrust. "For over nine years, the company has enjoyed a profitable partnership with Oryx providing workers' compensation insurance to niche markets. We look forward to developing new opportunities as we further build upon Oryx's unique management expertise.
"TMIS expands the company's opportunities to market fee-based warranty products and services. The clients that offer TMIS's monthly, on bill, contracts for consumer electronics represent an exciting new platform for us to market our warranty products and services."
