AmTrust seals $219mn ANV deal

AmTrust has struck a deal to acquire troubled Lloyd's
insurer ANV for $218.7mn in cash, the distressed M&A specialist
announced today (19 April).
The consideration represented a sale multiple of more than 2x
tangible book value, well in excess of market expectations for the
business, which had suggested a slim premium to net tangible asset
value.
AmTrust did not disclose the book value of the business, but
sources have previously placed net tangible assets at around
$105mn, with goodwill of.