Amynta Group, a provider of property & casualty and warranty protection products and services, has acquired the surety operations of Aspen Insurance, the Insurance Segment of Aspen Insurance Holdings Limited.
Following the acquisition, the business will operate as Amynta Surety Solutions.
As part of the transaction, Amynta has entered into a strategic partnership with Crum & Forster, a P&C insurer and wholly owned subsidiary of Fairfax Financial
Under the partnership Crum & Forster will provide the underwriting capacity for the business and assume Aspen’s in-force surety portfolio, while Amynta Surety Solutions will be the exclusive writer of large commercial surety bonds for Crum & Forster.
Formed in 2011, Amynta Surety Solutions offers underwriting expertise across the commercial surety market with a focus on the Fortune 1000 market, large private account business and specialty market niches.
Amynta Surety Solutions will be headquartered in Glastonbury, CT, and will continue under the leadership of Michael Toppi, Chief Executive Officer of Amynta Surety Solutions.
“We are very excited to welcome Michael Toppi and the entire surety team to Amynta, forming the foundation of our surety practice,” said Robert Giammarco, Chairman and CEO of Amynta Group.
“The business brings a well-established surety team with a proven underwriting track record and culture of delivering creative solutions for clients,” he added.
“We are thrilled to be partnering with Crum & Forster to support the growth of Amynta Surety Solutions. Crum & Forster has a strong surety practice and offers excellent security to our clients.”
Michael Toppi, Chief Executive Officer of Amynta Surety Solutions, also commented: “The team and I are excited about the opportunities ahead with Amytna. This transaction provides us with a great opportunity to continue delivering innovative solutions and the highest quality of service to our broker partners and clients with the support of Crum & Forster, our “A” rated carrier partner.”
Aspen Chairman and CEO, Mark Cloutier, further stated: “We are pleased to have reached this agreement with Amynta and Crum & Forster. As we continue to seek ways to achieve our long-term value creation objectives through actions including reviewing our product set, reducing complexity and improving efficiency, we always strive to solve for the needs of our trading partners and our people.”
“Our surety business has enjoyed strong underwriting performance and delivered profits to Aspen, creating strong valuation in a competitive marketplace that includes a quota share arrangement as part of our ongoing relationship,” Cloutier continued.
“This agreement facilitates continuity for both our clients and colleagues with a strong partnership in place that is focused on strategic growth, which was a key consideration in our decision. More than that, this agreement creates a lasting trading relationship of shared benefit and value-add for all three organizations involved.”
“We look forward to the long-term opportunities anticipated from this strategic partnership with Amynta. The team’s expertise and respected reputation in the commercial surety space are keys to its success, and we are proud to support the growth of this operation,” added Anthony Slimowicz, COO and Division President at Crum & Forster.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Amynta. GC Securities, a division of MMC Securities LLC, served as financial advisor to Aspen and Morgan, Lewis & Bockius LLP served as legal counsel.