The transaction will bring the business’ underwriting team into Amtrust ’s fold. The management liability unit also includes renewal rights to the portfolio.
DUAL North America Management Liability programme caters to for-profit as well as not-for-profit organisations.
The programme’s portfolio comprises directors and officers liability, employment practices liability, fiduciary liability and crime coverage.
Under the terms of the deal, seven DUAL employees will shift to AmTrust’s EXEC division.
AmTrust EXEC senior vice president Jim Seymour said: “This acquisition represents an excellent, complementary addition to an already strong business at AmTrust.
“We’re confident that in addition to being successful with the renewals, we will be able to grow the client base across new classes. The addition of this middle market team and portfolio is a definite enhancement to AmTrust’s presence in the private management liability space.”
DUAL Transaction Solutions president Dennis Kearns said: “DUAL has a strong relationship with AmTrust in multiple classes.
“This transaction will allow the middle market team to expand its appetite and products, and we feel this is an excellent fit for this group of management liability professionals.”
AmTrust Financial Services provides its clients with specialty property and casualty offerings that include workers’ compensation, business owner’s policy, general liability, and extended service and warranty coverage. In August this year, insurtech firm Rhino collaborated with AmTrust Financial to offer $60m in new premium-writing capability for its core product platform.