Acquisition expands insurer's presence in Lloyd's syndicates

New York-based AmTrust Financial Services Inc. said Tuesday that it will acquire specialty insurer ANV Holdings B.V. from the Ontario Teachers’ Pension Plan for $218.7 million in cash.

AmTrust said it would support ANV’s funds at Lloyd’s of London.

For 2015, Netherlands-based ANV’s three managed syndicates at Lloyd’s reported gross written premiums of $710 million.

“We view the proposed acquisition of ANV as a transformative transaction for AmTrust’s Lloyd’s operation” that will increase its Lloyd’s presence, AmTrust President and CEO Barry Zyskind said in a statement.

AmTrust currently operates multiline syndicate 1206, group life syndicate 4 and liability syndicate 2526.

“The entrepreneurial and collaborative environment that AmTrust fosters is an excellent cultural fit for ANV,” ANV CEO Lynsey Cross said in the statement. “We anticipate the opportunities arising from this transaction will benefit both companies as well as enhance our client and partner offering.”

Meanwhile, AmTrust on Monday said it had completed the acquisition of Dallas-based property/ casualty insurer Republic Cos. Inc. from Delek Group Ltd. and Republic Insurance Holdings L.L.C. for $233 million.