Wednesday, June 4, 2008

Unitrin Inc. Finalizes Sale of Insurance Segment

Unitrin Inc. has completed the previously disclosed sale of its Unitrin Business Insurance segment (UBI) to AmTrust Financial Services Inc. (AmTrust) in a cash transaction. Unitrin indicated that the transaction is not expected to have a significant impact on its financial position.

Unitrins President and Chief Executive Officer, Donald Southwell, said We will miss our friends at UBI, who did a tremendous job in re-engineering that operation over the last several years. However, we believe that the transaction provides good value for Unitrins shareholders, while at the same time providing an excellent strategic fit for UBI within AmTrusts commercial insurance operations.

AmTrust, based in New York City, is a multinational specialty property and casualty holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability, extended service and warranty coverage.

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