Amynta Group, a provider of property/casualty and warranty protection products and services, has acquired the surety operations of Aspen Insurance. The business will now operate as Amynta Surety Solutions.
Terms of the deal were not disclosed.
As part of the transaction, Amynta said it will partner with Crum & Forster to provide the underwriting capacity for the business and assume Aspen’s in-force surety portfolio. Amynta Surety Solutions will be the exclusive writer of large commercial surety bonds for Crum & Forster, according to the announcement.
Amynta Surety Solutions will be headquartered in Glastonbury, Conn., and will continue under the leadership of Michael Toppi, chief executive officer of Amynta Surety Solutions.
Amynta Surety Solutions focuses its underwriting on the Fortune 1000 market, large private account business and specialty market niches. It reports having more than $3.5 billion in managed premium and 2,000 associates across North America, Europe, and Australia.
Aspen Chairman and CEO Mark Cloutier noted that the transaction is part of his firm’s ongoing review of its product set and its streamlining efforts. He said the surety business has “enjoyed strong underwriting performance and delivered profits to Aspen.”
Sources: Amynta Group