AmTrust Financial Buys Sequoia Insurance For $60M

NEW YORK -- The insurer AmTrust Financial Services Inc. said Monday that it has completed its acquisition of Sequoia Insurance Co. for about $60 million.

AmTrust said Sequoia provides low hazard property and casualty insurance, including workers' compensation and commercial package insurance to small businesses. It had $40 million in gross written premiums in 2012, according to AmTrust.

Sequoia offers policies in several Western states including California. Amtrust is a New York-based multinational insurance company.

Shares of New York-based AmTrust closed at $32.69 per share Friday.