AmTrust Financial Services Inc. is selling $162 million of stock after striking deals this week to buy an insurance brokerage and a company that protects customers against losses on consumer electronics.
AmTrust is selling 3 million shares in an offering led by Morgan Stanley, the New York-based insurer said today in a statement. The offering is valued at $162 million based on today’s closing price of $54 a share.
The insurer “intends to use the net proceeds for general corporate purposes, which may include working capital, capital expenditures and/or strategic investments,” according to the statement.
–With assistance from Jing Cao in New York.