AmTrust Financial Buys TMI Solutions, Oryx Insurance Brokerage - Quick Facts

(RTTNews) - Insurance holding company AmTrust Financial Services, Inc. (AFSI) said it has acquired TMI Solutions, LLC for cash. The company noted that the acquisition will expand its opportunities to market fee-based warranty products and services.

Roswell, Georgia-based TMI Solutions or TMIS offers monthly billed warranty solutions for a variety of consumer electronics as well as consumer protection services. TMIS's warranties are primarily distributed in conjunction with large telecommunication monthly customer billing services.

In a separate statement, AmTrust Financial also said it has acquired privately-held Oryx Insurance Brokerage, Inc. from Oryx's principals for cash. The company expects the transaction to be immediately accretive and noted that the acquisition is consistent with the expansion of its expertise in niche workers' compensation insurance markets.

Oryx was established in 1996 as a managing general agent or MGA and wholesaler. The MGA carved out a marketing niche by providing insurance products to the construction industry in upstate New York. For 2014, Oryx placed $80 million in premiums through over 135 agencies with the majority of business underwritten by AmTrust.