logo
Share SHARE
FONT-SIZE Plus   Neg

AmTrust Acquires First Nonprofit Companies - Quick Facts

AmTrust Financial Services Inc. (AFSI) said Wednesday it has acquired First Nonprofit Companies Inc., or FNC.

In addition, the company has agreed to acquire Mutual Insurers Holding Co., or MIHC, following the completion of the conversion of MIHC to a stock company from a mutual holding company. The deal is subject to regulatory and policyholder approval.

MIHC is the parent of First Nonprofit Insurance Co. During the 12 months following the completion of the transactions, the Company expects the acquisitions to contribute $0.12 to $0.14 per diluted share.

FNC serves approximately 1,500 nonprofit and government entities. FNC offers unique services as well as insurance programs underwritten by FNIC which are designed to allow nonprofit and government entities to economically manage their unemployment tax obligations.

"We believe the acquisitions will be accretive to earnings and advance our strategy of focusing on niche, low hazard business. FNC adds to our growing fee income while the proposed acquisition of MIHC and MIHC's subsidiary FNIC provides the Company with insurance capabilities targeted to the nonprofit market...," said AmTrust CEO, Barry Zyskind.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Taco Bell, a division of Yum! Brands Inc, is planning to test delivery of food items on college campuses, the Street reported. The move comes at a time the fast food chain seeks to leverage demand for its popular breakfast and dinner items. In an unusual incident, an Airbus operated by Singapore Airlines temporarily lost power on both its Rolls Royce engines during a flight and plunged almost 13,000 feet or 3.96 kilometers. However, pilots managed to save the Airbus through standard operational procedures and it continued on its routine path. Hormel Foods has agreed to buy organic meat products maker Applegate Farms LLC for about $775 million, as consumers increasingly use natural and organic foods in their diet.
comments powered by Disqus
Follow RTT