AmTrust Financial Services Inc. announced that it has acquired privately held Oryx Insurance Brokerage Inc. from Oryx’s principals for cash. Further terms of the transaction were not disclosed.
Oryx was established in 1996 as a managing general agent (MGA) and wholesaler. The firm has carved out a marketing niche by providing insurance products to the construction industry in upstate New York, AmTrust said in its announcement. In 2014, Oryx placed $80 million in premiums through over 135 agencies with the majority of business underwritten by AmTrust.
AmTrust said the transaction is expected to be immediately accretive and is consistent with AmTrust’s expansion of its expertise in niche workers’ compensation insurance markets.
AmTrust Financial Services Inc., based in New York City, is a multinational insurance holding company offering specialty property/casualty insurance products, including workers’ comp, commercial auto, general liability and extended service and warranty coverage through its subsidiaries.
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