American property & casualty insurer Amynta Group has acquired the surety operations of Aspen Insurance, the insurance segment of Aspen Insurance Holdings.
The deal value was not disclosed.
The acquired business will now trade under the name Amynta Surety Solutions.
As part of the transaction, Amynta inked a strategic partnership with property and casualty insurer Crum & Forster to offer underwriting capacity and to assume Aspen’s in-force surety portfolio.
Amynta Surety Solutions will be the exclusive writer of large commercial surety bonds for Crum & Forster, which is a wholly owned subsidiary of Fairfax Financial.
Founded in 2011, Amynta Surety Solutions offers underwriting expertise in the commercial surety market with a focus on the Fortune 1000 market, large private account business and specialty market niches.
Amynta Surety Solutions will be headquartered in Glastonbury, CT, and will continue to be headed by Michael Toppi as the CEO.
Amynta Group chairman and CEO Robert Giammarco said: “We are very excited to welcome Michael Toppi and the entire surety team to Amynta, forming the foundation of our surety practice. The business brings a well-established surety team with a proven underwriting track record and culture of delivering creative solutions for clients.
“We are thrilled to be partnering with Crum & Forster to support the growth of Amynta Surety Solutions. Crum & Forster has a strong surety practice and offers excellent security to our clients.”
Commenting on the development, Toppi said: “The team and I are excited about the opportunities ahead with Amytna.
“This transaction provides us with a great opportunity to continue delivering innovative solutions and the highest quality of service to our broker partners and clients with the support of Crum & Forster, our “A” rated carrier partner.”