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AmTrust raising some cash with sale of National General stake

Published 06/09/2017, 08:48 AM
© Reuters.  AmTrust raising some cash with sale of National General stake
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  • AmTrust (NASDAQ:AFSI) has agreed on the sale of 10.586M shares it owns in National General Holdings (NASDAQ:NGHC) for $20 per share, an 8.3% discount to last night's close.
  • Proceeds will be about $211.7M.
  • The carrying value of the stake was roughly $135M, meaning AmTrust will book a pretax gain of $76M. AmTrust has owned a stake in NGHC sine 2010.
  • CFO Adam Karkowsky: "We are taking the initiative to sell National General shares in order to simplify our balance sheet and investment portfolio composition."
  • Now read: National General Holdings (NGHC) Investor Presentation - Slideshow


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