Am Trust Financial Services inks accord with Care Plan
NEW YORK: Am Trust Financial Services Inc announced today that one of its wholly owned subsidiaries has entered into an agreement to acquire Car Care Plan Limited from Ally Insurance Holdings Inc. ("Ally") for approximately $70 million. The Company expects to fund the purchase using existing working capital. CCPH has total assets in excess of $360 million. Over the next year, CCPH is projected to generate revenue for the Company in excess of $140 million including fee income of more than $30 million and pre-tax profits of over $14 million. CCPH, a wholly owned subsidiary of Ally, provides insurance and administrative services to major auto manufacturers for auto extended warranty, guaranteed asset protection (GAP).