AmTrust Financial Services, Inc.
AFSI ("the Company") announced today that one of its wholly-owned
subsidiaries has entered into an agreement to acquire Sagicor Europe Limited
and its wholly-owned subsidiaries (SEL), including Sagicor at Lloyd's Limited,
from Sagicor Financial Corporation for approximately £56 million, which is £15
million above SEL's net asset value as of December 31, 2012. The Company
expects to fund the purchase using existing working capital. Sagicor of
Lloyd's Limited, is a managing agency and owner of Lloyd's property/casualty
insurance syndicate 1206 with stamp capacity of £200 million and Lloyd's life
insurance syndicate 44 with stamp capacity of £7 million. In addition, SEL
includes a Cayman Islands domiciled reinsurance entity. The transaction is
expected to close in the fourth quarter of 2013, pending regulatory and other
necessary approvals.
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