US-based insurance services provider Amynta Group has acquired the credit division of Crum & Forster (C&F), a subsidiary of Fairfax Financial Holdings.
This move bolsters Amynta’s reach in the credit insurance space, bringing a suite of structured credit insurance solutions under its umbrella.
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The credit division will now function as a full-service Managing General Underwriter (MGU) within Amynta Risk Solutions.
It will focus on underwriting and managing credit insurance products, including mortgage credit and alternative credit risk solutions, mainly catering to financial institutions and mortgage insurers.
The division offers access to the credit insurance market for various insurance and reinsurance partners.
Despite the acquisition, C&F will continue as a partner for the acquired business, with Daniel Sussman continuing at the helm.
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By GlobalDataC&F, a national insurer established in 1822, specialises in property, casualty, and accident & health insurance.
With $5.3bn in gross written premium last year, the company operates through a network of independent agents, brokers, and wholesalers.
C&F chairman and CEO Marc Adee said: “Dan and his team have built a strong and profitable business. Amynta is the perfect owner to take the business forward and allow them to realise the full growth ambitions of the business.”
With over $3.5bn in total managed premium across North America, Europe, and Australia, Amynta Group provides insurance and warranty protection solutions to carriers, wholesalers, retail agencies, auto dealers, OEMs, and consumer retailers.
Amynta Risk Solutions CEO John Doucette said: “The acquisition of the C&F credit division provides entry to a new specialty class of business with a team that has built a strong underwriting track record, building on our partnership with C&F.
“We are excited to welcome Dan and his team to Amynta, as we look to expand the business to new markets and build capacity to support attractive growth opportunities.”
Earlier this year, Amynta Group strengthened its portfolio through the acquisition of the medical stop loss business from Unum Group, as well as purchased Sutton Special Risk, a Canadian underwriter focused on niche insurance and reinsurance products.
