AmTrust Nets $315M from Public Offering

AmTrust Financial Services said Wednesday that it netted $315 million from a public offering of 5 million shares of common stocks, which it will use, in part, to finance the purchase of Nationale Borg and Republic Cos. AmTrust announced in September that it had reached an agreement to purchase Republic for $233 million. The Texas-based property and casualty insurer reported $711 million in direct premiums in 2014. AmTrust said it will pay $113 million upfront and issue a $105 million note bearing 5.75% in annual interest when the deal closes early next year. AmTrust announced in August its p...