AmTrust Financial services said it has closed a nearly $93 million acquisition of regional U.S. workers compensation insurer AmeriHealth Casualty Insurance Company from Independence Health Group Inc.
The New York City-based multinational insurance holding company first announced the cash deal back in October (the purchase price at the time was disclosed at $90 million).
In a statement, AmTrust President and CEO Barry Zyskind said that the addition of AmeriHealth’s operations, which serve small and medium-sized businesses and municipalities, has helped it expand its presence as one of the biggest workers compensation carriers in Pennsylvania and New Jersey.
AmTrust recently delayed filing its 2016 annual report due to an internal audit over its accounting and risk reporting. By doing so, it gained a 15-day extension from March 1, 2017 to March 16, 2017.
A.M. Best wasn’t pleased. In response, the ratings agency revised its outlook to negative from stable for AmTrust and its subsidiaries but affirmed the credit ratings of both.
Source: AmTrust Financial Services