logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Down the line, GE has transformed from a too-big-to-fail conglomerate to a too-big-for-success albatross. The company has admitted to being too-much focused on EPS and operating profit, and not paying enough attention to cash. However, GE is certainly learning lessons from its past and refocusing its strategies to stage a comeback to its Camelot days, the key catalysts being... Industrial conglomerate General Electric Co., one of the original components of the Dow Jones Industrial Average, has been replaced by Walgreens Boots Alliance Inc. in the blue-chip index. The change comes into effect prior to the open of trading on Tuesday, June 26. The 122-year-old Dow Jones Industrial Average, or simply the Dow, is a stock market index with 30 component companies. A $716 billion defense policy bill easily cleared the Senate on Monday, although the legislation must still be reconciled with the version previously approved by the House. The Senate voted 85 to 10 in favor of the National Defense Authorization Act, which authorizes U.S. military spending for fiscal 2019.
Follow RTT