AmTrust Monetary Companies (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 Common Insurance coverage Company (CMGIA), a California-based MGA providing surety bonds to small- to mid-sized contractors.
The deal permits AmTrust to instantly set up its presence within the small- to mid-size contractor surety market. As a part of the settlement, CMGIA will provide 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 expertise and agent community shall be a key part within the development of our surety enterprise,” stated AmTrust Surety president Sam Zaza.
Stephanie Shear, a seasoned surety underwriter with greater than 40 years of expertise, will be a part of AmTrust’s surety enterprise together with a number of underwriters and assist employees from CMGIA.
Commenting on the switch, Shear stated: “We’re excited to affix the AmTrust group. CMGIA will proceed to supply worthwhile specialty enterprise whereas rising account sizes, increasing geographically, and providing best-in-class service to our brokers and obligees.”
The deal follows AmTrust’s acquisition of DUAL North America’s center market administration legal responsibility follow final month.