AmTrust Financial transaction positive, says JMP Securities After AmTrust (AFSI) agreed to buy the renewal rights and certain assets of Tower Group's (TWGP) commercial lines insurance business, JMP Securities thinks the deal is accretive and eliminates a competitor while strengthening AmTrust's small business core. The firm reiterates a $45 price target and Outperform rating on AmTrust.
Onebeacon Insurance exits crop business OneBeacon Insurance Group (OB) has exited the crop insurance business due to the sale of its exclusive managing general agency, Climate Crop Insurance Agency, to AmTrust Financial Services (AFSI). The company's existing crop insurance business has been transferred to AmTrust, including policyholder servicing. OneBeacon President and CEO Mike Miller said, "We are committed to ensuring a smooth transfer for both our policyholders and for the Climate crop insurance business team. We have terminated our relationship with The Climate Corporation and have withdrawn our Plan of Operations with the U.S. Department of Agriculture's Risk Management Agency for the 2016 crop year. "