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AmTrust buys consumer-services co. CPPNA for $40M

NEW YORK (AP) -- Insurer AmTrust Financial Services Inc. is buying CPPNA Holdings Inc. for about $40 million, adding a seller of services designed to help protect against identity theft to its business.

CPPNA is the North American division of the U.K.-based consumer services firm CPPGroup Plc. It is based in Minnesota. It also offers other services related to product warranties.

AmTrust said Wednesday it expects CPPNA to generate about $70 million in fee revenue over the next year. AmTrust, whose business includes sells workers' compensation and other insurance to small companies, had about $1.9 billion in revenue last year.

The buyout is expected to close by the end of June.