AmTrust Financial Services, Inc., a global specialty property casualty insurer, and Blackstone Credit & Insurance (BXCI) have announced the closing of a strategic transaction and the launch of a newly formed independent, multinational MGA company ANV Group Holdings Ltd. (ANV).
AmTrust and ANV have entered into a ten-year capacity agreement, under which AmTrust will remain the underwriter for the existing books of business offered through the MGAs.
The agreement includes seven AmTrust subsidiaries: ANV Specialty, Risico, Collegiate, ANV Nordic, Arc Legal, Qualis, and Abacus. These businesses offer a range of insurance coverages, including cyber excess and surplus (E&S), directors and officers (D&O), transaction risk insurance, professional indemnity, legal expense, mortgage and structured credit, warranty, agricultural workers’ compensation, income protection, accident and health (A&H), and residential and commercial niche property.
Adam Karkowsky has been appointed Chairman and CEO of ANV following nearly 15 years in leadership positions at AmTrust, where he most recently served as President.
The ANV leadership team also includes Joseph Brecher as Chief Financial Officer (formerly SVP, Head of Alternative Investments at AmTrust), Jacob Decter as Chief Operating Officer (formerly Chief Strategy Officer, Global Fee Businesses and Head of Mergers & Acquisition and Corporate Development at AmTrust), and Aaron Basilius as Head of MGAs US (formerly SVP Cyber at AmTrust).
Barry Zyskind, Chairman and CEO of AmTrust, said, “We are very pleased to have successfully closed this transaction in partnership with Blackstone to further build upon the strong foundation of this global MGA platform.
“Under the leadership of Adam, I look forward to ANV achieving new levels of profitable portfolio growth and continuing to provide strong underwriting and service. We will continue to work with ANV and participate in its future success, through our significant retained equity interest.”
Karkowsky added, “With the launch of an independent, diversified multinational MGA platform built on deep insurance expertise and years of history together, ANV is well-positioned to create meaningful growth and long-term value with continued support from our partners, AmTrust and Blackstone. We have a talented team across the U.S., UK, and Europe, delivering outstanding services to our brokers, partners and clients.”
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