AmTrust Financial Services

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AmTrust Financial Services, Inc.
Private
IndustryInsurance, Extended Warranties, Specialty Risk
Founded1998 Edit this on Wikidata
FounderGeorge Karfunkel,
Michael Karfunkel
HeadquartersHome Insurance Plaza
New York City, USA
Key people
Barry Zyskind[1] (CEO)
Products
Number of employees
5,723 (2019)
Websiteamtrustfinancial.com

AmTrust Financial Services, Inc., is a New York City-based multinational property and casualty insurance company, offering workers’ compensation, general liability, businessowners policies (BOP), cyber liability, EPLI and more.[3] Operating through its subsidiaries, its operations are divided into three segments: Small Commercial Business insurance, Specialty Risk and Extended Warranty insurance, and Specialty Middle-Market Property and Casualty insurance. The company's main regions of operations are North America, United Kingdom, and mainland Europe. AmTrust is rated “A-” (Excellent) by AM Best Company.[4] Barry Zyskind is the Chief Executive Officer.[5]

History[edit]

AmTrust Financial Services was founded by Hungarian-born Jewish Orthodox brothers George and Michael Karfunkel in 1998.[6][7]

In 2005, Ronald (Ron) Pipoly was appointed as Chief Financial Officer.[8]

AmTrust began trading on the NASDAQ Global Select Market on November 13, 2006.[9]

In 2016, Barry Zyskind, Michael Karfunkel's son-in-law,[6] was appointed as Chairman in addition to existing roles as Chief Executive Officer, President and Chairman of Executive Committee.[10] Zyskind was listed by Forbes as the best performing CEO in the Insurance industry in December 2014.[11]

In 2017, Adam Karkowsky was appointed as Chief Financial Officer.[12]

In November 2018, AmTrust completed a go-private transaction, merging with Evergreen Parent, L.P., an entity formed with private equity funds managed by Stone Point Capital LLC, together with the Karfunkel-Zyskind family.[13]

In January 2019, AmTrust voluntarily delisted and deregistered all series of preferred stock and subordinated notes.[14]

Affiliated companies and subsidiaries[edit]

Most of the company's business is contracted worldwide through more than 20 insurance companies and subsidiaries. The following are some of their US subsidiaries:[15]

  • AmTrust Insurance Company of Kansas, Inc. (AICK)
  • Associated Industries Insurance Company, Inc. (AIIC)
  • Comp Options Insurance Company (COIC)
  • Developers Surety and Indemnity Company (DSIC)
  • First Nonprofit Insurance Company (FNIC)
  • Indemnity Company of California (ICC)
  • Milwaukee Casualty Insurance Company (MCIC)
  • Republic Fire and Casualty Insurance Company (RFC)
  • Republic Lloyds (RL)
  • Republic Underwriters Insurance Company (RUIC)
  • Republic-Vanguard Insurance Company (RVIC)
  • Rochdale Insurance Company (RIC)
  • Sequoia Insurance Company (SIC)
  • Sequoia Indemnity Company (SID)
  • Security National Insurance Company (SNIC)
  • Southern County Mutual Insurance Company (SCM)
  • Southern Insurance Company (SOIC)
  • Southern Underwriters Insurance Company (SUIC)
  • Technology Insurance Company, Inc. (TIC)
  • Wesco Insurance Company (WIC)

The company's foreign insurance subsidiaries include:

  • AmTrust International Insurance Ltd. (AII)
  • AmTrust International Underwriters Designated Company Activity (DAC)
  • AmTrust Europe, Ltd. (AEL)
  • Motors Insurance Company Ltd. (MIC)

Core business segments[edit]

Small Commercial Business Insurance[edit]

The Small Commercial Business segment of AmTrust provides worker's compensation to small businesses which operate in low and medium hazard classes. Included in this class are restaurants, retail stores, physicians and other professional offices. They also offer commercial package and other property and casualty insurance products to small businesses.[5]

Specialty Program Business Insurance[edit]

This segment provides workers’ compensation, general liability, commercial auto liability, excess surplus lines insurance programs and other specialty commercial property and casualty insurance through managing general agents.[15]

Specialty Risk and Extended Warranty[edit]

This segment is engaged in providing custom designed coverages. Included are accidental damage plans and payment protection plans sold in connection with the sale of consumer and commercial goods in the United States and Europe.[15]

Recognition[edit]

AmTrust Financial Services was named as a Northcoast 99 Best Places to Work Winner for 2017.[16]

References[edit]

  1. ^ "Barry Zyskind". WSJ. Archived from the original on 2019-03-15. Retrieved July 5, 2016.
  2. ^ Nasdaq.com
  3. ^ "AmTrust Financial Services". Fortune. Retrieved 2018-12-31.
  4. ^ "A.M. Best Affirms Ratings of AmTrust Financial Services, Inc. and Its Subsidiaries". A.M. Best. 29 May 2015. Archived from the original on 16 August 2016. Retrieved 29 June 2016.
  5. ^ a b "The World's Biggest Public Companies". Forbes. 1 May 2016. Retrieved 29 June 2016.
  6. ^ a b Nathan-Kazis, Josh (April 28, 2016). "Michael Karfunkel, the Orthodox Billionaire No One Heard Of, Dies at 72". The Forward.
  7. ^ "AmTrust Financial Services, Inc. Announces The Passing Of Founder And Chairman Michael Karfunkel". The Street. 27 April 2016. Retrieved 29 June 2016.
  8. ^ "Amtrust Financial Services (AFSI:Consolidated Issue Listed On NASDAQ Global Select )". Bloomberg. Retrieved 30 June 2016.
  9. ^ "2015 Annual Report" (PDF). AmTrust. 31 December 2015. Retrieved 29 June 2016.
  10. ^ "Amtrust Financial Services: Barry D. Zyskind". Bloomberg. Retrieved 29 June 2016.
  11. ^ Chen, Liyan (10 December 2014). "America's Best Managed Companies". Forbes. Retrieved 29 June 2016.
  12. ^ Rapoport, Michael. "AmTrust names insider Adam Karkowsky as CFO". MarketWatch. Retrieved 2018-06-07.
  13. ^ "AmTrust Go-Private Transaction Completed".
  14. ^ "AmTrust Announces Quarterly Cash Dividends on Preferred Stock" (PDF).
  15. ^ a b c "AmTrust Financial Services Inc (AFSI.O)". Reuters. Retrieved 29 June 2016.
  16. ^ "AmTrust Financial Named as a NorthCoast 99 Best Places to Work Winner for 2017".