Ontario Teachers’ Pension Plan has announced it will sell its ownership in ANV Holdings BV to AmTrust Financial Services, a multinational insurance holding company headquartered in New York City.
The sale, for US$218.7 million in cash, is expected to close by the end of 2016, subject to customary approvals.
AMTrust will also replace Ontario Teachers’ in supporting ANV’s funds at Lloyd’s.
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Acquired by Ontario Teachers’ in 2012, ANV provides underwriting for specialty risk solutions and functions as a risk-bearing insurer through three Lloyd’s syndicates and as a managing general underwriter in Europe and the United States.
“We are pleased the sale to AmTrust advances ANV’s strategic objective of becoming a global specialty insurance leader,” said Wayne Kozun, senior vice-president of Public Equities, in a news release.
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