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AmTrust Monetary Providers (AmTrust), a New York-headquartered multinational insurance coverage holding firm that provides speciality property and casualty (P&C) insurance coverage merchandise, has acquired Contractor Managing Basic Insurance coverage Company (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 monitor file of managing a variety of ordinary and specialty accounts.
“CMGIA’s underwriting expertise and agent community might be a key part within the development of our surety enterprise,” 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 assist workers from CMGIA.
Commenting on the switch, Shear mentioned: “We’re excited to affix the AmTrust workforce. 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 observe final month.
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