Amtrust To Buy Sequoia Insurance For About $60M

NEW YORK -- AmTrust Financial Services Inc. said Tuesday that it is buying a fellow insurer, privately held Sequoia Insurance Co., for about $60 million as it seeks to bolster growth.

AmTrust, which is based in New York, began in 1998 as a workers' compensation insurance provider for small businesses. It has since broadened its business insurance coverage, partly through acquisitions.

Sequoia, which is based in Monterey, Calif., also sells property and casualty insurance for small- to mid-sized businesses, including workers' compensation insurance.