Multinational insurance holding company AmTrust Financial Services has completed the acquisition of Sequoia Insurance and its subsidiaries, Sequoia Indemnity and Personal Express Insurance (Sequoia), for a consideration of nearly $60m.
The definitive agreement, which was originally signed in January, has received all regulatory approvals and even satisfied customary closing conditions.
Commenting on the deal, AmTrust CEO and president Barry Zyskind said that the acquisition will help in expanding its businesses in key markets, including California, which offer opportunities for profitable growth.
The company will continue to acquire business units similar to Sequoia to improve the profitability of its operations in niche markets, Zyskind added.
Sequoia Insurance provides various low hazard property/casualty insurance products such as workers' compensation and commercial package insurance to small businesses in key western states in the US.
During 2012, the underwriter's gross written premium was nearly $140m.
Most recently, AmTrust inked an agreement with the UK-based CPP Group to acquire CPPNA for $40m, which offers administrative services for consumer protection products, such as identity theft protection and warranties related to credit card purchases.
Headquartered in New York, the multinational holding company provides specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage, through its insurance carriers.