AmTrust, American Capital
AmTrust Financial Services, Inc. is making an investment in American Capital Acquisition Corp. in connection with the acquisition by ACAC of GMAC’s U.S. consumer property/ casualty insurance business. AmTrust said it will initially invest approximately $42.5 million. GMAC’s consumer property/ casualty insurance unit sells automobile coverages in the U.S. It utilizes a network of 10,500 independent agents in 12 core markets, as well as exclusive relationships with 23 affinity partners.
GMAC’s U.S. consumer property/ casualty insurance business had net written premium in excess of $1 billion in 2008. Its coverages include standard/preferred auto, RVs, non-standard auto and commercial auto. The investment includes 10 statutory insurance companies that write the automobile coverages for GMAC.
American Capital Acquisition Corp. is an affiliate of American Capital Partners, LLC, a newly formed acquisition corporation. The principal of ACAC was a founder of AmTrust Financial Services, Inc. and Maiden Holdings, Ltd.
Aquiline Capital, Conning
Private equity firm Aquiline Capital Partners LLC, which is run by Jeffrey Greenberg, has acquired insurance consulting and asset management provider Conning & Co. from Swiss Reinsurance Co. Ltd.
Conning is headquartered in Hartford, Connecticut with additional offices in New York, London and Dublin. Terms of the deal were not disclosed.
When the deal was announced in June, Hartford, Conning said it would use Aquiline’s investment to strengthen its infrastructure, add to its services, acquire talent and pursue strategic opportunities.
Tower, AequiCap
New York-based property/casualty insurer Tower Group, Inc. has acquired the renewal rights to the workers’ compensation business of AequiCap Program Administrators, an underwriting agency based in Fort Lauderdale, Florida. The company said that the $40 million in business primarily consists of small, low to moderate hazard workers’ compensation policies in Florida that are consistent with Tower’s current underwriting guidelines.
AequiCap’s employees involved in the servicing of the workers compensation business will become employees of Tower, according to the company.
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