AmTrust plots new growth strategy, appoints leaders post go-private deal
Property/casualty insurer AmTrust has unveiled its strategic plan for the newly private company, while appointing a new leadership team following the departure of certain key executives.
AmTrust Financial Services has recently completed the go-private merger transaction in which Evergreen Parent acquired the approximately 45 percent of the company’s issued and outstanding common shares that the Karfunkel-Zyskind Family and certain of its affiliates and related parties did not already own or control. The deal was valued at approximately $2.95 billion.
As part of its new growth strategy, called AmTrust Forward, the company has decided to focus on local markets and niche commercial P&C products globally where it can differentiate its offering and bring added value.
“Our vision for AmTrust is to be a leading specialty commercial P&C insurer. We believe we can achieve this by focusing on local markets and niche products where we can add significant value,” said Barry Zyskind, chairman and CEO of AmTrust.
“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,” Zyskind added.
AmTrust also announced that its chief operating officer Christopher Longo, who has been with the company since 2001, has resigned to pursue other opportunities.
Additionally, Michael Saxon, EVP – US commercial lines, and Max Caviet, CEO of AmTrust International, have retired on December 31, 2018. Saxon will continue on a consultative basis, as vice chairman of AmTrust North America.
Saxon and Caviet will be succeeded by Christopher Foy and Peter Dewey.
Foy will serve as EVP, Head of North American commercial P&C, with responsibility for leadership of AmTrust’s North American commercial business and specialty programs segments. He joined AmTrust in 2016 as president of AmTrust Underwriters, with responsibility for the specialty programme business segment.
Dewey will serve as EVP, head of international, with oversight of AmTrust’s international business. He joined AmTrust in 2003, and has served as CEO at AmTrust at Lloyd's since 2014.
“I would like to recognise 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.
