Reinsurance News
AmTrust
AmTrust Title Insurance promotes Felice Shapiro to General Counsel role
14th February 2019
AmTrust Title Insurance Company, the title insurance subsidiary of P&C re/insurer AmTrust Financial Services, has announced the promotion of Felice K. Shapiro to the role of General Counsel for AmTrust Title and First Nationwide Title. In her new role, Shapiro will be responsible for all underwriting decisions for both AmTrust Title ... Read the full article
AmTrust adopts PCMI software for reinsurance business
25th January 2019
Property and casualty re/insurer AmTrust Financial Services has signed an agreement with Policy Claim Management International (PCMI) Corporation to use its integrated software solutions for AmTrust’s reinsurance business. AmTrust plans to implement the Policy Claim and Reporting Solutions (PCRS) - Reinsurance Module from PCMI, which it says will provide its clients ... Read the full article
AmTrust renews protection plans agreement with Microsoft
10th January 2019
AmTrust Financial Services, Inc. has renewed its extended protection services agreement with Microsoft for an additional four years. Under the terms of the renewed agreement, AmTrust will continue to underwrite and insure the Microsoft Complete protection plan program available in more than 30 countries and territories. Microsoft Complete provides customer support, breakdown ... Read the full article
AmTrust unveils new strategy & leadership team following go-private deal
9th January 2019
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 ... Read the full article
Maiden to exit AmTrust quota share agreement, returning $700mn
4th January 2019
Maiden Holdings has agreed to a partial termination amendment to its quota share agreement with AmTrust Financial Services, which will see it return approximately $700 million in gross unearned premium. The amendment enables Maiden to exit specific lines of business in the quota share agreement, including Small Commercial Business and U.S ... Read the full article
AmTrust and Swiss Re enter into quota share on $2.9bn of U.S commercial risk
2nd January 2019
Property and casualty insurer AmTrust Financial Services has entered into a quota share agreement with Swiss Re for 2019 that covers U.S small commercial business totalling an estimated $2.9 billion in projected written premiums, with Swiss Re projected to assume approximately $1.05 billion on an inforce, new and renewal basis. The ... Read the full article
Enstar closes $200mn investment in AmTrust go-private deal
7th December 2018
Bermuda-based insurance, reinsurance and run-off specialist Enstar has closed a $200 million investment in Evergreen Parent L.P., which acquired 100% of AmTrust Financial Services, Inc. in a go-private deal last week. Enstar said that it now collectively owns around 7.4% of the capital units of Evergreen, which is an entity ... Read the full article
AmTrust completes $3bn go-private merger deal with Evergreen
29th November 2018
AmTrust Financial Services, Inc. has completed its previously announced $2.95 billion merger deal with Evergreen Parent L.P., which will see the company go private. Evergreen is an entity formed by private equity funds managed by Stone Point Capital LLC, together with Barry Zyskind, Chairman and Chief Executive Officer (CEO) of ... Read the full article
AmTrust gets regulatory go-ahead for Evergreen merger deal
28th November 2018
AmTrust Financial Services, Inc. has received all necessary regulatory approvals to go ahead with the completion of its previously announced merger deal with Evergreen Parent, L.P., which will see the company go private. Evergreen is an entity formed by private equity funds managed by Stone Point Capital LLC, together with Barry ... Read the full article
AmTrust at Lloyd’s appoints Lucy Forcey to North American property cat team
26th October 2018
AmTrust at Lloyd’s (ATL), the Lloyd’s operation of multinational property and casualty insurer AmTrust Financial Services, has appointed Lucy Forcey Senior Underwriter, North American Property Catastrophe Treaty, a new line of business for ATL Syndicate 1861. Forcey began her career in 2006 as an Assistant Internal Auditor for Novae Group. She ... Read the full article
Enstar & Madison Dearborn fund $350m slice of $2.5b AmTrust take-private deal
25th July 2018
Bermuda-based insurance, reinsurance and run-off specialist Enstar and private equity firm Madison Dearborn Partners are to fund a $350 million portion of the AmTrust Financial Services take-private transaction. Under the terms of the agreement, each of MDP and Enstar will participate in a portion of the previously-disclosed take-private purchase of approximately ... Read the full article
AmTrust exits marine underwriting at Lloyd’s after strategic review
25th June 2018
Insurer AmTrust is exiting its marine lines of underwriting business in order to focus on more profitable areas of its book, following a strategic review. With the Lloyd's marine book known to be under pressure and one of the lines of business that the market itself has been analysing in its ... Read the full article
AmTrust stockholders approve amended merger deal
22nd June 2018
AmTrust Financial Services has announced that its stockholders have approved its proposed merger transaction with Evergreen Parent, L.P. for the amended offer price of $14.75 per share in cash for all outstanding shares. Evergreen Parent L.P. is an entity formed by private equity funds managed by Stone Point Capital LLC, together ... Read the full article
AmTrust names Daniel Hickey as Chief Underwriting Officer
12th June 2018
AmTrust Financial Services has announced the appointment of J. Daniel Hickey as Group Chief Underwriting Officer (CUO). Hickey will now be responsible for overseeing the company’s global underwriting activities. Additionally, he will be tasked with implementing a consistent and disciplined underwriting approach that is aligned with AmTrust’s strategic objectives. He first joined AmTrust ... Read the full article
Stone Point & Karfunkel-Zyskind increase AmTrust merger offer price
7th June 2018
Stone Point Capital, the Karfunkel Family, and Barry Zyskind, Chief Executive Officer (CEO) of AmTrust Financial Services, have increased their bid for the acquisition of AmTrust Financial Services for a second time, now offering $14.75 per share in cash for all outstanding shares. This offer represents an increase of $1.25 per share, or ... Read the full article
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