AmTrust launches new commercial crime cover

AmTrust Exec, a new division of speciality property/casualty insurance group AmTrust Financial Services, has launched a new commercial crime product for a range of medium- and large-sized businesses.

The company appointed Melissa Schwartz in January 2020 from Euclid Exec to lead the new offering. Previously, Schwartz was the fidelity and crime product leader with Liberty International Underwriters.

The monoline commercial crime product covers loss from employee and third-party theft of money, securities and other property.

AmTrust Exec is a new division that was formed in January 2020 when AmTrust’s Corepointe Insurance Agency acquired Itasca, Illinois-based Euclid Executive Liability Managers. The division offers products such as directors & officers liability, employment practices liability and more, including the new commercial crime policy.

AmTrust Exec senior vice president James Seymour, formerly principal of Euclid, said: “In this new age of cybercrime, we are finding that businesses are facing never-before-seen threats as criminals find ways to impersonate employees electronically and hack into accounting systems to misdirect funds. This new product is designed to protect against these kinds of sophisticated new schemes, as well as simple petty theft.”