AmTrust Financial Services Inc. is buying the European operations of Caribbean financial services group Sagicor Financial Corp. for $85.7 million (£56 million).
The deal includes Sagicor Europe Ltd. and its wholly-owned subsidiaries, Sagicor at Lloyd's Ltd.
Sagnicor manages Lloyd’s property and casualty insurance group, as well as the company’s life insurance unit. The company also owns a reinsurance agency.
AmTrust plans to fund the deal using existing working capital.
The buyer, a New York-based insurance holding company, expects the deal to expand its insurance business.
For more, see “Consolidation Among Insurance Firms.”