Cardiff Insurance Business Acquired By AmTrust
Cardiff-based insurance firm Composite Holdings have been acquired by AmTrust Europe, an insurance provider which is part of the US-based AmTrust Financial Services Group.
Composite Holdings have been bought for an undisclosed sum. Composite provide insurance services to their clients through two subsidiaries, Composite Assistance and Composite Legal Expenses. AmTrust previously provided insurance underwriting services to Composite and it has been announced that the company's senior management team will remain at the business following the deal.
AmTrust International's chief executive and president Max Caviet said: The acquisition of Composite represents a significant step forward for AmTrust Europe in establishing ourselves as a leading market for legal protection insurance products in the UK. We have provided underwriting capacity to Composite for the past four years and this acquisition marks a natural step in the evolution of our friendship. The combination of the skills and experience within Composite and AmTrust makes for a compelling and exciting business going forward."
James Savery, 02 June 2015