New York, NY – AmTrust Financial Services, Inc. (Nasdaq:AFSI) recently announced that following the receipt of required regulatory approvals, it has completed the acquisition of Comp Options Insurance Company, Inc., a subsidiary of Blue Cross & Blue Shield of Florida, for cash. The purchase price was approximately 1.2 times tangible book value.
“We are excited to complete the acquisition of Comp Options which expands our presence in one of the largest markets for workers’ compensation insurance risks in the nation,” said AmTrust Financial Services, Inc. President and CEO, Barry Zyskind. “We are especially excited to integrate Comp Options complimentary low-hazard workers’ compensation insurance risks as well as the experienced staff that has helped to build the business. In addition, we look forward to working with Comp Options former parent as a marketing partner to further build our insurance business and add value for our shareholders.”
Comp Options is a Florida based, workers’ compensation insurer. During the past 12 months, Comp Options generated approximately $70 million in workers’ compensation insurance premium in the state of Florida. Comp Options marketing approach is similar to AmTrust’s, targeting businesses that have a low-hazard risk profile. Comp Options products are marketed through a network of independent agents.
Source: AmTrust