Amynta Acquires Surety Operations of Aspen Insurance
BI - July 17, 2020 - Amynta Group has acquired the surety operations of Aspen Insurance, the insurance segment of Aspen Insurance Holdings Ltd., and will form a strategic partnership with Crum & Forster to write surety as part of the deal, Amynta said in a statement Friday.
Terms of the deal were not disclosed.
Amynta, a New York-based broker founded in 2011, provides property and casualty and warranty protection products and services. The company has $1.8 billion in annual premiums, according to its website.
Amynta Surety Solutions will become the exclusive writer of large commercial surety bonds for Crum & Forster, the statement said. Crum & Forster will provide the underwriting capacity for the business and assume Aspen's in-force surety portfolio.
The business will operate as Amynta Surety Solutions and be headquartered in Glastonbury, Connecticut.
Amynta Surety Solutions, led by CEO Michael Toppi, focuses on the Fortune 1000 market, large private account business and specialty market niches, the statement said.
Crum & Forster is a wholly owned subsidiary of Fairfax Financial.
"We are pleased to have reached this agreement with Amynta and Crum & Forster,” Aspen Chairman and CEO Mark Cloutier said in the statement. “This agreement facilitates continuity for both our clients and colleagues with a strong partnership in place that is focused on strategic growth … as we continue to seek ways to achieve our long-term value creation objectives through actions including reviewing our product set.”