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A wholly owned subsidiary of AmTrust Financial Services, Inc., has completed the acquisition of Car Care Plan (Holdings) Limited (“CCPH”) from Ally Insurance Holdings, Inc., for approximately $70 million. The purchase price represented the consolidated tangible book value of CCPH as of the closing, subject to certain adjustments. Over the next year, CCPH is projected to generate revenue for AmTrust in excess of $140 million including fee income of more than $30 million and pre-tax profits of over $14 million.

As a part of the acquisition, Ally agreed to a three-year non-compete and non-solicit, subject to certain limited exceptions, and will provide additional indemnity for liabilities of CCPH for pension plans, tax liabilities, and other matters.  

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