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AmTrust buys Oryx Insurance Brokerage

IBR Staff Writer Published 07 January 2015

US-based AmTrust Financial Services (AFSI) has purchased privately held Oryx Insurance Brokerage from Oryx's principals for cash.

The deal is in line with AmTrust's expansion of its expertise in niche workers' compensation insurance markets, and is expected to be immediately accretive.

In 1996, Oryx was established as a managing general agent (MGA) and wholesaler. The MGA successfully created its marketing niche by providing insurance products to the construction industry in upstate New York.

The company has $80m in premiums through over 135 agencies for 2014, with the majority of business underwritten by AmTrust.

AmTrust Financial Services president and CEO Barry Zyskind said: "For over nine years, the Company has enjoyed a profitable partnership with Oryx providing workers' compensation insurance to niche markets.

"We look forward to developing new opportunities as we further build upon Oryx's unique management expertise."

AmTrust has also acquired Georgia-based TMI Solutions, which provides monthly billed warranty solutions for different consumer electronics, as well as consumer protection services.

AmTrust is a multinational insurance holding company, which 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.