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AmTrust Financial Services Inc. signed a definitive agreement to sell its Lloyd’s of London business to Canopius AG on Thursday.
The sale, which will make Canopius one of the five largest insurers at Lloyd’s with about $2.2 billion in premium, is expected to be completed in the third quarter, Canopius said in a statement.
Under the terms of the deal, Amtrust will become “a significant minority shareholder in Canopius,” the statement said. The sale price was not disclosed.
“The AmTrust at Lloyd’s business brings significant underwriting expertise, product diversification and scale to the Canopius portfolio,” Michael Watson, chairman of Canopius said, in the statement.
The agreement marks another step in AmTrust’s plan to pare back its operations after a turbulent couple of years and since its return to private ownership last year. Last week, the New York-based insurer announced the sale of its credit and surety business to Liberty Mutual Insurance Co.
The insurer, which has a significant book of workers compensation business, previously said that, going forward, it intends to focus on U.S. specialty business.
AmTrust Financial Services Inc., which had already weathered a tough 2017, continued to struggle in 2018.