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
Hampton Farms has voluntarily recalled Ava's brand organic cashews for potential Listeria contamination. The Organic Cashews Roasted & Salted 8 oz. tubs were distributed in New Jersey, New York, Pennsylvania and Connecticut. As per the recall statement, fewer than 225 units of this product were offered for retail sale. Maternity leave is a temporary period of absence from employment granted to expectant or new mothers during the months immediately before and after their pregnancy. Parental leave, including maternity, paternity and adoption leave, is an employee benefit. Many countries around the world, including... Texas, the second largest state in the U.S., has four of the five fastest-growing cities in the U.S., according to new population estimates released Thursday by the U.S. Census Bureau for the twelve months up to July 1, 2016. Ten of the fifteen fastest growing large U.S. cities during that 12-month span were in the South, according to the Census Bureau.
comments powered by Disqus
Follow RTT