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AmTrust Financial Services

AmTrust Financial Services Insurance Company Details

AMT FlyingA-AmTrust.jpg
Type
PrivateIndustryInsurance, Extended Warranties, Specialty RiskFounded1998 Edit this on WikidataFounderGeorge Karfunkel,
Michael KarfunkelHeadquarters Home Insurance Plaza
New York City, USA
Area served
North America
United Kingdom
Europe
Key people
Barry Zyskind (CEO)

Ronald Pipoly(CEO, 2005)Products
  • Cyber insurance
  • Liability insurance
  • Workers’ compensation
  • EPLI
  • Disability insurance
Number of employees
5,723 (2019)Websiteamtrustfinancial.com

AmTrust Financial Services Plans details Review

  • Cyber insurance
  • Liability insurance
  • Workers’ compensation
  • EPLI
  • Disability insurance

AmTrust Financial Services, Inc., is a New York City-based multinational property and casualty insurance company, offering workers’ compensation, general liability, business owners policies (BOP), cyber liability, EPLI and more. 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. Barry Zyskind is the Chief Executive Officer.

AmTrust Financial Services History

AmTrust Financial Services was founded by brothers George and Michael Karfunkel in 1998.

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

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

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

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

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.

In January 2019, AmTrust voluntarily delisted and deregistered all series of preferred stock and subordinated notes. Adam Karkowsky became president of AmTrust in December 2019.

AmTrust Financial Services Affiliated companies and subsidiaries

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:

  • 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)

AmTrust Financial Services Small Commercial Business Insurance

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.

AmTrust Financial Services Specialty Program Business Insurance

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.

AmTrust Financial Services Specialty Risk and Extended Warranty

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.

AmTrust Financial Services Recognition

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

AmTrust Financial Services References

Updated: April 22, 2020 — 10:56 pm

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