AmTrust Financial Services and Blackstone (BX) Credit & Insurance announced a definitive agreement under which AmTrust and funds managed by BXCI will partner in the spin-off of certain of AmTrust’s Managing General Agencies and fee businesses in the U.S., United Kingdom, and Continental Europe into a new, independent company. The agreement includes seven AmTrust subsidiaries: ANV, Risico, Collegiate, AmTrust Nordic, Arc Legal, Qualis, and Abacus. These businesses provide diverse risk and insurance coverages including cyber excess and surplus, directors and officers, transaction risk insurance, professional indemnity, legal expense, mortgage and structured credit, warranty, agricultural workers’ compensation, income protection, accident and health, and residential and commercial niche property. The new company is expected to have over 700 employees. Adam Karkowsky, who is currently President of AmTrust, will leave to become Chairman and CEO of the new company. The transaction has been approved by AmTrust’s Board of Directors. It is expected to close by year-end 2025, subject to customary closing conditions and regulatory approvals.
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