Multinational insurance holding company AmTrust Financial Services has purchased Mutual Insurers Holding Company (MIHC) and its subsidiary, First Nonprofit Insurance Company (FNIC).
Headquartered in Chicago, Illinois, FNIC offers low hazard insurance products to small, non-profit and government entities, and is a provider of property and casualty insurance products to non-profit organizations across the US.
The company has underwritten $70m of premiums in 27 states in 2012.
AmTrust Financial Services president and CEO Barry Zyskind said the acquisition supports the company’s strategy of building its business and shareholder value.
"Backing FNIC’s established non-profit customer relationships with our Company’s resources provides considerable opportunity to expand in the attractive niche insurance market for non-profits,” Zyskind added.
Headquartered in New York, AmTrust Financial Services provides specialty property and casualty insurance products, including workers’ compensation, commercial automobile and general liability; extended service and warranty coverage, through its insurance carrier.