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AmTrust Financial acquires Genworth Financial Mortgage Insurance

AmTrust Financial Services has acquired Genworth Financial Mortgage Insurance (GFMI) from Genworth Financial for about $55m.

Genworth

GFMI, which has tangible book value of around $150m, carries out mortgage insurance operations in the European market.

The company is currently offering its products in the UK, Finland, Italy and Germany.

At the time of acquisition, AmTrust Financial Services president and CEO Barry Zyskind said: "We believe GFMI represents an excellent opportunity for the diversification and expansion of AmTrust’s international insurance business.

"We are excited to rebuild GFMI’s mortgage insurance business in Europe, especially at a time when we believe market conditions for mortgage insurance in Europe are improving."

Last month, AmTrust signed an agreement to acquire specialty insurance firm ANV Holdings and its affiliates from Ontario Teachers’ Pension Plan for $218.7m.

The firm also agreed to support ANV’s funds at Lloyd’s, including the replacement of of Ontario Teachers’ Pension Plan’s participation.

Through its insurance subsidiaries, AmTrust Financial provides specialty property and casualty insurance products, comprising of workers’ compensation, commercial automobile, general liability and extended service and warranty coverage.


Image: Genworth’s office in London, the UK. Photo: courtesy of Genworth Financial, Inc.