AmTrust Financial Services said it has agreed to buy specialty insurance company ANV Holdings B.V. and its Lloyd’s affiliates for $218.7 million in cash.

The seller is the Ontario Teachers’ Pension Plan. As part of the acquisition deal, AmTrust said it will support ANV’s Funds at Lloyd’s, including replacement of Ontario Teachers’ Pension Plan’s participation.

Both sides hope to close the deal during the 2016 third or fourth quarter, pending regulatory approval.

AmTrust’s latest deal continues a strategy of growth through acquisition. Among its more recent deals: AmTrust disclosed in September that it would buy Texas-based property/casualty insurer Republic Cos. for $233 million. Last August, it agreed to buy Nationale Borg, a Dutch reinsurer of surety and trade credit insurance, for more than $167.9 million.

ANV, a Dutch-headquartered global specialty insurance group, underwrites a number of commercial property/casualty insurance products through its three Lloyd’s syndicates—1861, 5820 and 779—and managing general underwriter. The insurer produced $508 million in gross written premium in 2015. Its three Lloyd’s syndicates booked $710 million in gross written premium during the same year, according to the deal announcement.

AmTrust President and CEO Barry Zyskind said the proposed acquisition is designed to help boost AmTrust’s existing Lloyd’s operation.

“The combination of our Lloyd’s business and ANV’s established organization will allow our company to have a greater presence in the renowned Lloyd’s of London marketplace,” Zyskind said in prepared remarks.

AmTrust gave particular note to ANV’s “well-established infrastructure,” “highly skilled management team and solid underwriting capability” as benefits it gains from the M&A deal.

ANV Group CEO Lynsey Cross said the sale, in turn, will help ANV reach the “next stage” of its strategic development.

“We anticipate the opportunities arising from this transaction will benefit both companies as well as enhance our client and partner offering,” Cross noted, also in prepared remarks.

In April 2015, ANV Founder and CEO R. Matthew Fairfield abruptly left the company, citing personal reasons.

AmTrust, based in New York, offers specialty P/C insurance products, including workers compensation, commercial automobile, general liability, and extended service and warranty coverage through its insurance subsidiaries.

Source: AmTrust Financial Services Inc.