Amalgamated Specialty Group Holdings, Inc. entered into a stock purchase agreement to acquire American Risk Management, Inc. from Patrick Bracewell, Joseph Bracewel and others on April 7, 2021. Amalgamated Specialty Group Holdings, Inc. will issue 550,000 shares of Series A 8.5% cumulative convertible preferred stock and also assume $1.4 million of American Risk Management's outstanding debt. American Risk Management, Inc. reported total assets of $2.77 million, total liabilities of $2.34 million, total stockholder's equity of $0.44 million, net income of $0.4 million for the year ended December 31, 2020. Completion of the transaction is conditioned upon the completion of the conversion and the offerings and will occur simultaneously with the closing on the conversion and the offerings. ACIC shall have completed or simultaneously with the Closing hereunder shall be completing the conversion of ACIC from a mutual insurance company into a stock insurance company. Amalgamated Specialty Group Holdings and sellers established a special committee comprised of three independent directors of the Company and MCW. Stevens & Lee P.C. acted as legal advisor to Amalgamated Specialty Group Holdings, Inc.

Amalgamated Specialty Group Holdings, Inc. completed the acquisition of American Risk Management, Inc. from Patrick Bracewell, Joseph Bracewel and others on March 14, 2022.