AmTrust Financial Services has concluded yet another acquisition, this time in the mortgage insurance realm.

The New York City-based multinational insurance company recently completed its purchase of Genworth Financial Mortgage Insurance Ltd. (GFMI) from parent Genworth Financial Inc. for about $55 million.

GFMI provides mortgage insurance products in the U.K., Finland, Italy and Germany and is well known in the European mortgage insurance market, AmTrust said in its announcement of the M&A deal.

GFMI’s tangible book value was about $150 million as of Dec. 31, 2015.

Global players in the mortgage insurance market include American International Group, though it is planning an initial public offering for its United Guaranty mortgage insurance unit in order to sell a stake in the division.

Recently, reinsurance broker JLT RE launched JLT Re Global Mortgage Solutions to offer insurance and reinsurance for government-sponsored entities, mortgage insurers, mortgage lenders and builders.

AmTrust’s GFMI acquisition fits a broader strategy of growth through acquisition. Recent deals include plans to purchase Texas-based P/C insurer Republic Cos. for $233 million and a deal to buy National Borg, a Dutch reinsurer of surety and trade credit insurance, for more than $167.9 billion. AmTrust agreed in April to buy specialty insurance company ANV Holdings B.V. and its Lloyd’s affiliates for $218.7 million in cash.

Source: AmTrust Financial Services