AmTrust Financial Services, Inc. has unveiled a new strategic plan for the company, called AmTrust Forward, as well as the layout of its new leadership team.
The announcements follow the completion of AmTrust’s $3 billion go-private merger deal in November 2018, in which the insurer’s outstanding shares were acquired Stone Point Capital, together with AmTrust CEO Barry Zyskind, George Karfunkel and Leah Karfunkel.
AmTrust Forward is an organisation-wide program that focuses on leveraging the company’s strengths to offer select commercial property and casualty (P&C) products and services.
“Our vision for AmTrust is to be a leading specialty commercial P&C insurer,” said Zyskind. “We believe we can achieve this by focusing on local markets and niche products where we can add significant value.”
“As a private company, we have the opportunity to return to the core of what made AmTrust so successful over the past 20 years and manage our business for long term success through sustainably profitable future growth.”
AmTrust also announced the appointments of Christopher Foy as Executive Vice President (EVP), Head of North American Commercial P&C and Peter Dewey as EVP, Head of International, with oversight of AmTrust’s international business.
They succeed Michael Saxon and Max Caviet, respectively, who each announced their intention to retire on December 31, 2018.
Saxon has been with AmTrust since 2001 and will continue to serve the company on a consultative basis as Vice Chairman of AmTrust North America, while Caviet has been with the company since 2003.
Additionally, Chief Operating Officer Christopher Longo, who has been with AmTrust since 2001, has also resigned following the go-private deal to pursue opportunities outside of the company.
“I would like to recognize and thank Mike, Max and Chris, who have been instrumental in building AmTrust over the past 20 years,” said Zyskind. “I greatly appreciate the commitment and dedication they brought to our Company, throughout our many years of working together.”
Foy joined AmTrust in 2016 as President of AmTrust Underwriters, with responsibility for the specialty program business segment.
Prior to this, he was President and owner of specialty MGA Total Program Management, and previously served as Senior Vice President at Clarendon National Insurance Company, specialising in MGAs and program business nationwide.
Meanwhile, Dewey joined AmTrust in 2003 and has served as CEO of AmTrust at Lloyd’s since 2014, before which he was Chief Underwriting Officer of AmTrust’s Specialty Risk & Warranty Division, overseeing a team of actuaries, underwriters and risk management professionals.
He previously served as an underwriter with Trenwick International Limited, before which he worked for an MGA as an Underwriting Manager.
“I am very pleased to welcome Chris Foy and Peter Dewey to their new, expanded roles,” continued Zyskind. “Each is a talented leader, with sound decision-making skills, driven by integrity and a deep commitment to excellence and service.
“AmTrust has deep bench strength to draw upon as we embark on our journey as a private company to be one of the leading specialty commercial P&C players in the industry.”
“As a private enterprise, we believe we are better positioned to take a long-term view of every opportunity,” he added. “We are creating an exciting place to work with opportunities for career development and advancement, and participation in AmTrust’s future success and profitability. This is a new era for AmTrust, and we are positioning our company to thrive for the next 20 years and beyond.”