AmTrust in CMGIA take-over

AmTrust Financial Services, a global specialty property casualty insurer, has acquired Contractor Managing General Insurance Agency, a California-based MGA that offers surety bonds to small to mid-sized contractors nationwide.

AmTrust Financial Services, a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products.

Its offering includes workers’ compensation, business owner’s policy (BOP), general liability and extended service and warranty coverage.

The addition of CMGIA, according to AmTrust, will allow it to immediately establish a presence in the small to mid-size contractor surety market.

Sam Zaza, president, AmTrust Surety, said, “CMGIA’s underwriting talent and agent network will be a key component in the growth of our surety business.”

CMGIA will offer surety bonds to small to mid-size contractors across 50 states building on its strong track record of handling a wide-range of standard and specialty accounts.

The company is led by Stephanie Shear, a seasoned surety underwriter with over 40 years of experience.

The acquisition will see Shear join AmTrust’s surety business along with several underwriters and support staff from CMGIA.

She said, “We are excited to join the AmTrust team. CMGIA will continue to source profitable specialty business, while growing account sizes, expanding geographically, and offering best-in-class service to our agents and obligees.”

Earlier this year, Israeli digital insurance company WeSure Global Tech received NIS 35 million from AmTrust Financial Services.

Also earlier in the year, Rhino, a real estate technology company and “pioneer of security deposit insurance”, partnered with AmTrust Financial to provide an additional $60m in premium-writing capacity for its core product offering.

The partnership saw AmTrust Financial join Rhino’s existing panel of insurance carriers and reinsurers, bringing Rhino’s total premium-writing capacity to over $200m.

Speaking at the time, Jeff Fenster, EVP and head of AmTrust North American Specialty Risk, said, “We are excited to support Rhino in setting a new standard for the renting experience. Partnering with Rhino, the forerunner in security deposit insurance, is a natural fit for AmTrust’s customer-centric culture.”

Copyright © 2022 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research