AmTrust Financial Services, Inc. has announced that one of its wholly owned subsidiaries has entered into an agreement to acquire Sagicor Europe Limited and its wholly-owned subsidiaries (SEL), including Sagicor at Lloyd's Limited for approximately £56 million ($86.1 million), which is £15 million ($23.05 million) above SEL's net asset value as of Dec. 31, 2012.
Sagicor of Lloyd's Limited, is a managing agency and owner of Lloyd's property/casualty insurance syndicate 1206 with stamp capacity of £200 million ($307 million) and Lloyd's life insurance syndicate 44 with stamp capacity of £7 million ($10.8 million). In addition, SEL includes a Cayman Islands domiciled reinsurance entity.
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