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.

Other recent insurance deals include Digital Insurance’s purchase of Berg Andonian, and Columbia Insurance Co.’s acquisition of Hartford Life International Ltd.

For more, see “Consolidation Among Insurance Firms.” 

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