1 March 2018Insurance

AmTrust closes US fee business transfer to Madison Dearborn

New York-based AmTrust Financial Services closed the transfer of a 51 percent equity interest in certain of its  US-based fee businesses to private equity firm Madison Dearborn Partners.

"This transaction close marks a significant milestone in our efforts to unlock value and build a stronger capital base for AmTrust, while positioning both AmTrust and the US fee companies for continued, profitable growth," said CEO Barry Zyskind.

The divested portion of the US fee businesses has become a newly formed company under the brand name of The Amynta Group. Amynta has operations in warranty and services contracts for the automotive, consumer products and specialty equipment industries, among others, and administration of niche workers' compensation and contractor liability coverage in the US on behalf of AmTrust and other carriers. The new company has more than 1,500 employees and is headquartered in New York. Stuart Hollander, who most recently served as AmTrust's president, Specialty Risk, North America, will serve as Amynta's CEO.

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More on this story

Insurance
5 July 2018   US private equity firms Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP), which have a major shareholding in brokerage group Ardonagh, have acquired UK-based fee protection insurance company PFP.
Insurance
11 May 2018   New York-based AmTrust Financial Services reported a net income increase to $675.9 million in the first quarter of 2018 compared to $50.2 million in the same period a year ago.
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2 March 2018   A group of investors is taking AmTrust Financial Services private to create a better environment to fix the problems that have been haunting the New York-based insurer. AmTrust needs to address financial controls as well as pricing and reserve adequacy issues.