AmTrust Financial Services Inc. announced Monday it entered into an agreement to invest in American Capital Acquisition Corp. in connection with its acquisition of GMAC Financial Services LLC's U.S. consumer property/casualty insurance business.
AmTrust will initially invest approximately $42.5 million in a convertible preferred security.
GMAC's consumer property/casualty insurance business is one of the leading writers of automobile coverage through independent agents in the United States.
The acquisition of the GMAC business is subject to regulatory approval and is expected to close in the first quarter.
AmTrust, of New York, offers specialty property/casualty insurance products, including workers' compensation, commercial automobile and general liability, extended service and warranty coverage.
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