AmTrust Financial Buys First Nonprofit Companies, to Acquire Mutual Insurers Holding Co.
AmTrust Financial Services, Inc. (Nasdaq: AFSI) ("the Company") announced today that the Company has acquired First Nonprofit Companies, Inc. ("FNC"). In addition, the Company has entered into a definitive agreement, pending regulatory and policyholder approval, to acquire Mutual Insurers Holding Company ("MIHC") following the completion of the conversion of MIHC to a stock company from a mutual holding company. MIHC is the parent of First Nonprofit Insurance Company ("FNIC"). 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.
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