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AmTrust expects to close acquisition of Amsterdam-based surety, trade credit insurer in Q2

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AmTrust expects to close acquisition of Amsterdam-based surety, trade credit insurer in Q2

AmTrustFinancial Services Inc. now expects to close its of N.V. NationaleBorg-Maatschappij and its affiliates in the second quarter of 2016, pendingregulatory approval.

The parties previously anticipated the deal to close by theend of 2015.

AmTrust also provided an update on its federal against Trust Risk Group SpA CEOAntonio Somma and Marco Lacchini, president of two Italian arbitration panelsassembled to resolve a dispute over a since-terminated relationship for theproduction of medical liability business. AmTrust disclosed that it wassuccessful in its application in Italy to remove Lacchini as chairman of thetwo arbitral tribunals, according to a Form 10-Q filed May 10.

In addition, AmTrust gave an update on a class-actionlawsuit against thecompany and certain of its officers on behalf of persons or entities whopurchased or acquired AmTrust securities between Feb. 15, 2011, and Dec. 11,2013, including both dates. The lawsuit, filed in U.S. District Court for theSouthern District of New York, alleges that the defendants issued false andmisleading statements regarding the company's business, operational andcompliance policies.

AmTrust on Oct. 24, 2014, filed a motion to dismiss theconsolidated amended complaint, which was granted with prejudice on Sept. 29,2015. On Oct. 19, 2015, the plaintiffs filed a notice of appeal, which washeard by the Second Circuit Court of Appeals on April 18.