Insurance holding company AmTrust Financial Services (Nasdaq: AFSI) is acquiring insurance underwriter ANV Holdings B.V. from the Ontario Teachers’ Pension Plan (OTPP). The transaction is valued at $218.7 million and is being funded with cash on hand.

ANV underwrites commercial property/casualty insurance products through its three Lloyd’s of London’s syndicates, which it acquired from Flagstone Reinsurance Holdings SA in 2012 for $49.7 million in cash. Under the agreement, AmTrust is also supporting the ANV’s funds at Lloyd’s and replacing the OTPP’s participation.

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