's planned acquisition of ANV Holdings BV will be the next step on the company'sgoal of being a major international player, CFO Ronald Pipoly said May 3.
Thecompany has for some time sought to become a significant participant in theLloyd's market, Pipoly said during a conference call to discuss first-quarterearnings.
Thecombined Lloyd's platforms would have made AmTrust among the managing agent groups bygross premiums written in 2015.
"Thisgreatly expanded Lloyd's platform will provide the resources to continue tobuild on our international operations," the CFO said.
Thecombined platforms will be much stronger together than apart, and there aresavings that can be achieved in reinsurance, he said.
Theclosing of the Republic Cos.Inc. deal represents AmTrust's largest acquisition in itshistory. The new property adds significantly to insurance premiums written inTexas, one of the nation's largest markets, Pipoly said.
AmTrustwill use the $140 million raised in a preferred stock offering to fund moreacquisitions and growth, he said.