CorePointe Group LLC Announces Its Intent to Sell CorePointe Insurance Company to AmTrust Financial Services, Inc.
BIRMINGHAM, Mich., Nov. 24, 2014 /PRNewswire/ -- CorePointe Group LLC ("CorePointe") announced today that it has entered into a definitive agreement, pending regulatory approval, for the sale of CorePointe Insurance Company ("CorePointe Insurance") to AmTrust Financial Services, Inc. (NASDAQ: AFSI) ("AmTrust").
CorePointe Insurance, located in Birmingham, Michigan, is a market leader in providing dealer open lot inventory protection and related coverages to automobile and motorcycle dealerships. Prior to April 2011, CorePointe Insurance operated as Chrysler Insurance Company, a subsidiary of Chrysler Financial. In 2013, CorePointe Insurance profitably generated $53.7 million in net earned premium. CorePointe Insurance is rated "A-" (Excellent) by A.M. Best.
Jim Haan, President and CEO of CorePointe Insurance, said, "The CorePointe Insurance management team is excited about and supports the proposed transaction. We believe the transaction will enhance CorePointe Insurance's stability and support our growth for many years to come. We expect our new ownership structure to improve our expense ratio and provide additional product and distribution opportunities."
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, NY, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries, and is rated "A" (Excellent) by A.M. Best.
Sandler O'Neill +Partners, L.P. acted as financial advisor to CorePointe on the transaction. Bodman PLC acted as legal advisor to CorePointe.
About CorePointe Insurance:
Established in 1964, and located in Birmingham, Michigan, CorePointe Insurance is a specialty property/casualty insurance company that markets commercial insurance primarily to automobile and motorcycle dealerships and auto repair shops. The majority of CorePointe Insurance's products and services are distributed through MGAs with whom CorePointe Insurance has long-standing relationships.
For more information, please contact:
Tom Kussurelis
734-456-5492
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/corepointe-group-llc-announces-its-intent-to-sell-corepointe-insurance-company-to-amtrust-financial-services-inc-300000330.html
SOURCE CorePointe Group LLC
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