AmTrust Financial Services to Buy The Insco Dico Group for $85M
AmTrust Financial Services, Inc. (Nasdaq: 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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