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

Editors Pick
Bimbo Bakeries is recalling packages of certain bread products across 11 states, after it received three consumer-reports of small pieces of glass found on the outside of the bread. Design software maker Autodesk, Inc. said Thursday after the markets closed that it swung to a second quarter loss, hurt by lower revenue and a hefty tax charge. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. GameStop reported an increase in second-quarter profit, driven by strong same-store sales growth and improved margins, partly offset by a stronger dollar and one-time charges. Both earnings and sales surpassed Wall Street estimates. The video-game retailer lifted its guidance for 2015. GameStop shares gained about 2 percent in after-hours trade.
comments powered by Disqus
RELATED NEWS
Trade AFSI now with 
Follow RTT