AmTrust expands board of directors with ex-KPMG partner

Specialty property/casualty insurer AmTrust Financial Services has expanded its board of directors to eight with the addition of former KPMG partner Mark Serock.

Serock worked at KPMG from 1973 to 2011. He was elected to the partnership of KPMG in 1984 and served in that capacity until his retirement in 2011. As a partner, his principal responsibility was the performance of financial statement audits of public and non-public companies, including many financial services companies.

AmTrust said that Serock is entitled to receive the same compensation as the company’s other non-employee directors, which consists of an annual board retainer of $100,000, per meeting fees of $1,000 for special meetings, other than meetings held in executive session, and for all meetings attended in excess of six meetings, and a grant of restricted stock units valued at $70,000, with a one-year vesting period. Serock will enter into the company’s standard form of indemnification agreement for directors and executive officers.

Private equity firm Stone Point Capital, the Karfunkel Family, and the CEO of AmTrust Financial Services are acquiring the insurer in a transaction valued at approximately $2.7 billion.

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