AmTrust Financial Services, a US-based speciality property and casualty insurance firm, has purchased Contractor Managing General Insurance Agency (CMGIA).
AmTrust did not disclose the financial value of the deal.
The acquired firm is a managing general agency based in California and is engaged in offering surety bonds to small to medium-sized contractors.
Building on its experience of handling a variety of standard and speciality accounts, CMGIA will offer its services to customers across the 50 states of the US.
CMGIA is led by Stephanie Shear, who brings more than four decades of experience as a surety underwriter.
As per the terms of the agreement, Shear, along with several underwriters and support staff from CMGIA, will join AmTrust’s surety business.
AmTrust Surety president Sam Zaza said: “The addition of CMGIA allows AmTrust to immediately establish a presence in the small to mid-size contractor surety market. CMGIA’s underwriting talent and agent network will be a key component in the growth of our surety business.”
Shear said: “We are excited to join the AmTrust team. CMGIA will continue to source profitable speciality business, while growing account sizes, expanding geographically, and offering best-in-class service to our agents and obligees.”
New York-based AmTrust provides workers’ compensation, business owner’s policy (BOP), general liability and extended service and warranty coverage.
Last month, AmTrust purchased the middle market management liability unit from DUAL North America.
DUAL North America Management Liability programme serves both for-profit and not-for-profit organisations.