AmTrust Financial Services, Inc.
AFSI ("the Company") announced today that it has entered into a
definitive agreement to acquire The Insco Dico Group ("Insco Dico") for
approximately $85 million, or $7.0 million above its tangible book value. The
acquisition is to be funded through existing working capital. The Company
expects the transaction to close within the next six months pending regulatory
approval.
Insco Dico's subsidiaries include Developers Surety and Indemnity Company and
Indemnity Company of California, which offer surety insurance to developers
and contractors in all 50 states with California as the largest state. In
addition, Insco Dico's subsidiary, Builders Insurance Services, markets
general liability insurance policies to contractors in several western
states. In 2012, Insco Dico generated approximately $50 million in insurance
premium.
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