Chicago-based financial services company Unitrin Inc. said today that it has entered into a definitive agreement to sell its Unitrin Business Insurance (UBI) unit to AmTrust Financial Services Inc., headquartered in New York, in a cash transaction. Terms of the deal were not released.
Unitrin announced in September an agreement in principle for the sale. AmTrust will acquire the renewal rights to the UBI book of business and certain legal entities as well as selected other assets and personnel that Unitrin currently employs to write its UBI business. Unitrin said it will retain preclosing loss and loss adjustment reserves.
Unitrin Business Insurance serves commercial customers in 30 states through a network of independent agents and had total premium revenues of approximately $165 million in 2006.
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