AmTrust closes US fee business transfer to Madison Dearborn
New York-based AmTrust Financial Services closed the transfer of a 51 percent equity interest in certain of its US-based fee businesses to private equity firm Madison Dearborn Partners.
"This transaction close marks a significant milestone in our efforts to unlock value and build a stronger capital base for AmTrust, while positioning both AmTrust and the US fee companies for continued, profitable growth," said CEO Barry Zyskind.
The divested portion of the US fee businesses has become a newly formed company under the brand name of The Amynta Group. Amynta has operations in warranty and services contracts for the automotive, consumer products and specialty equipment industries, among others, and administration of niche workers' compensation and contractor liability coverage in the US on behalf of AmTrust and other carriers. The new company has more than 1,500 employees and is headquartered in New York. Stuart Hollander, who most recently served as AmTrust's president, Specialty Risk, North America, will serve as Amynta's CEO.
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