AmTrust Financial Services (NASDAQ:AFSI) has entered into an agreement to acquire the Unitrin Business Insurance unit (UBI) of financial services provider Unitrin. UBI writes commercial package coverage primarily for small businesses.
UBI has customers in 30 states with a particular focus on the South, Northwest and Midwest. The company had total premium revenues of approximately $165 million in 2006.
"This acquisition offers us the opportunity to obtain and develop a book of business that fits our focus on small businesses and to complement and expand the products we offer to our existing small workers' compensation and property and casualty customers," Barry Zyskind, president and CEO of AmTrust, said in a statement.