AmTrust has struck a deal to acquire troubled Lloyd’s insurer ANV for $218.7mn in cash, the distressed M&A specialist announced today (19 April).
The consideration represented a sale multiple of more than 2x tangible book value, well in excess of market expectations for the business, which had suggested a slim premium to net tangible asset value.
AmTrust did not disclose the book value of the business, but sources have previously placed net tangible assets at around $105mn, with goodwill of…Read more at The Insurance Insider