AmTrust Financial Services (AmTrust), a New York-headquartered multinational insurance coverage holding firm that gives speciality property and casualty (P&C) insurance coverage merchandise, has acquired Contractor Managing General Insurance Agency (CMGIA), a California-based MGA providing surety bonds to small- to mid-sized contractors.
The deal allows AmTrust to instantly set up its presence within the small- to mid-size contractor surety market. As a part of the settlement, CMGIA will supply surety bonds to small- to-mid-size contractors throughout 50 states, constructing on its observe report of managing a variety of ordinary and specialty accounts.
“CMGIA’s underwriting talent and agent network will be a key component in the growth of our surety business,” mentioned AmTrust Surety president Sam Zaza.
Stephanie Shear, a seasoned surety underwriter with greater than 40 years of expertise, will be part of AmTrust’s surety enterprise together with a number of underwriters and help employees from CMGIA.
Commenting on the switch, Shear mentioned: “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.”
The deal follows AmTrust’s acquisition of DUAL North America’s center market administration legal responsibility follow final month.