AmTrust Financial Services Inc. signed a final agreement to sell its business Lloyd's of London to Canopius AG on Thursday.
Sales, which make Canopius one of the five largest Lloyds insurance companies with about $ 2.2 billion in premiums, are expected to be completed in the third quarter, Canopius said in a statement.
According to the terms of the agreement, Amtrust will become "a significant minority shareholder in Canopius", the statement said. The sales price was not disclosed.
"AmTrust at Lloyd's business provides significant insurance expertise, product diversification and scope to the Canopius portfolio," said Michael Watson, chairman of Canopius in the statement.
The agreement marks another step in AmTrust's plan to return operations after a turbulent year and then its return to private ownership last year. Last week, the New York-based insurance company announced the sale of its credit and security manufacturing to Liberty Mutual Insurance Co.
The insurer, who has a significant book of work compensation activities, has previously stated that it is moving forward, he intends to focus on American specialty business.