History of AmTrust

The History of AmTrust

1998
AmTrust Financial Services is founded in downtown Manhattan by entrepreneurs George and Michael Karfunkel, and current Chairman, CEO and President Barry Zyskind, to focus on niche specialty property and casualty markets, which they believed were underserved by larger insurance carriers, and to focus on classes of business with lower risk loss profiles. Acquired Technology Insurance Company from Wang Laboratories, establishing a foothold in warranty insurance. AmTrust Financial Services earned $10 million in premiums in the first year.
 
1999
AmTrust makes its technology platform, data analytics, and end-user experience top priorities as it grows, establishing a digital strategy early on that will differentiate AmTrust in the future as it operates with the lowest IT expense ratio in its peer group.
 
2000
Enters the European Union specialty risk and extended warranty coverage market by forming AmTrust International Underwriters. AmTrust also acquires Rochdale Insurance Company, which holds licenses in key states, including New Jersey, New York, and Texas.
 
2001
AmTrust enters the small business workers' compensation insurance market, building an experienced workers' comp underwriting team in the U.S. Develops proprietary technology to enable the efficient and profitable underwriting of a large number of small premium policies.
 
2002
Acquires the renewal rights for The Princeton Agency's workers' compensation business, expanding our presence in the U.S. Northeast and Midwest. Between 2002 and 2016, AmTrust acquires the renewal rights to 10 books of established specialty insurance business, allowing access to attractive books of business while avoiding exposure to pre-existing liabilities.
 
2003
AmTrust builds its specialty risk and extended warranty insurance team in London. Many of the European-based coverage plans AmTrust currently underwrites have been underwritten by this team historically. Acquires the renewal rights to the Covenant Group, Inc. to increase our presence in the southeastern United States.
 
2004
Acquires renewal rights to Associated Industries Insurance Company in 2004, adding book of business in Florida.
 
2005
Acquires renewal rights to Alea North America's specialty middle market P&C business. In connection with the acquisition, substantially all of Alea's former senior management, underwriting, and support team joined AmTrust. 
 
2006
Acquires Wesco Insurance Company, which is licensed in all 50 states and the District of Columbia. Also acquires renewal rights to Muirfield Underwriters, Ltd., an affiliate of Aon Corporation, to expand in the midwest U.S. AmTrust raises $166 million through the private placement of common stock. On November 13, AmTrust lists on the NASDAQ Global Market under the symbol AFSI. Total shareholders' equity of $307 million will grow to $3.5 billion by the end of 2015.
 
2007
Enters into a 40% quota-share reinsurance agreement with Maiden Insurance Company, securing a long-term reinsurance partner and providing valuable capital support to AmTrust.
 
2008
AmTrust acquires Unitrin Business Insurance, expanding commercial package coverages for small businesses, focusing on the U.S. South, Northwest, and Midwest.
 
2009
Acquires renewal rights to CyberCompTM, the workers' compensation business unit of Swiss Re, one of the leaders in internet-based mono-line workers' compensation.
 
2010
Acquires 100% of Warrantech, a Texas-based developer, marketer, and third-party administrator of service contracts and aftermarket warranty products serving the consumer products and automotive industries in the U.S. and Canada, significantly increasing our fee income. AmTrust also acquires Majestic, marking AmTrust's entrance into the California workers' compensation market.
 
2011
AmTrust acquires BTIS and CardinalComp, and expands operational headquarters in downtown Cleveland, centralizing and expanding support functions at 800 Superior Avenue.

2012
Acquires CNH Capital Insurance Agencies, which offers construction and agricultural equipment insurance to dealerships and retail customers. Also acquires Car Care Plan Holdings, a UK-based provider of insurance and administrative services to major auto manufacturers globally.
 
2013
Enters Lloyd's of London Insurance Platform with the acquisition of Sagicor Europe. Acquires Sequoia, a workers' compensation and commercial package insurance provider to small businesses in the western U.S., and First Nonprofit Companies, the third-largest provider of P&C insurance products to nonprofit organizations in the U.S.
 
2014
Acquires the renewal rights to the Tower Group book of business to expand our small commercial insurance business in the U.S., in a deal structure that allowed AmTrust to acquire renewal rights of over $500mm in gross written premium with limited exposure to legacy liabilities. Efficiencies were quickly achieved through integration with AmTrust IT and operating platform, demonstrating the ability to leverage AmTrust's deep technology expertise.
 
2015
AmTrust acquires Warranty Solutions, a Wells Fargo business that designs, markets, administers, and underwrites vehicle service contracts for new and used automobiles through a national network of more than 70 active agencies 1,500 franchised and independent dealers. This acquisition drives AmTrust to reach more than 25 million warranty policies in force. In 2015, AmTrust also ranks 11th largest commercial lines writer in the U.S., up from the 128th position in 2005, according to A.M. Best.
 
2016
Completes 14 acquisitions, including N.V. Nationale Borg-Maatschappij, a 120-year-old, Amsterdam-based international direct writer and reinsurer of surety and trade credit insurance in over 70 countries, and Republic Companies, a Texas-based provider of P&C insurance for over 100 years. AmTrust also completes the acquisition of ANV Group, a specialty insurance company that underwrites a variety of commercial P&C insurance products through its three Lloyd's syndicates and managing general underwriter.
 
2017
AmTrust enters into agreements to sell more than 10 million shares owned in National General Holdings for approximately $211 million, further simplifying our balance sheet and investment portfolio composition.

AmTrust Financial is named to the prestigious Fortune 500 list for the first time, with a ranking of 475 on the 63rd annual Fortune 500.
 
2018
AmTrust Financial Services announces it has closed the transfer of a 51% equity interest in certain of its U.S.-based fee businesses to Madison Dearborn Partners.

AmTrust announces it is going private with the completion of a merger transaction in which Evergreen Parent, L.P. acquires approximately 45% 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 transaction values the fully diluted equity of the company at approximately $2.95 billion.
 
2019
AmTrust announces it's undertaking an organization-wide program called AmTrust Forward, aimed at building on our successful history in order to remain strong and profitable for the future. The initiative includes sharpening our focus and leveraging our unique strengths to continue to be a leading provider of specialty commercial P&C products and services in the U.S. and internationally. 

AmTrust announces it has entered into a quota share agreement with Swiss Reinsurance America Corp ("Swiss Re") for covering U.S. small commercial businesses totaling approximately $2.9 billion in projected written premiums.

AmTrust streamlined and simplified our underwriting processes to drive loss ratio improvements across all major business classes in 2019. We have continued to improve automation and technology, deliver consistent communication to agents, improve partnership opportunities, and grow agency recognition programs.

2020
AmTrust switches to a remote work model during COVID-19. Creates a coronavirus resource center with helpful information for agents and insureds to help navigate the changes the pandemic brought to the industry. 
 
2021 and 2022
AmTrust grows underwriting profitability and strengthens its position as a leading provider of insurance and risk solutions globally. Was designated the third-largest writer of workers’ compensation in the U.S. by the NAIC, one of the largest private companies in the country by Forbes Magazine, and was recognized with several employer of choice awards, including the Nation’s Best and Brightest Companies to Work For. 

2023 and beyond
AmTrust celebrates 25 years in business. We will continue to invest in our employees, partners, customers, and technology and look forward to the next 25 years.