AmTrust to buy Florida workers comp insurer OptaComp

New York-based AmTrust Financial Services Inc. has agreed to acquire Florida workers compensation insurer Comp Options Insurance Co. Inc., also known as OptaComp, AmTrust said Thursday.

Terms of the deal, expected to close in fall 2014, were not disclosed.

Fort Lauderdale, Florida-based OptaComp is a subsidiary of Blue Cross & Blue Shield of Florida. It generated about $60 million in Florida workers comp premiums in the last 12 months, AmTrust said in a statement.

Both AmTrust and OptaComp write comp policies for “small businesses that have a low-hazard risk profile,” the statement said.