History of AmTrust

Learn more about AmTrust's history.


Our Story


AmTrust began in 1998 with a commitment to innovation in small business insurance. Since, we’ve grown into a global property and casualty provider with a broad product offering. Our company has grown, but our commitment to innovation and service remain the same.


With over 5,000 employees serving 60 countries, we have become a top U.S. commercial insurer and a leading global provider of warranty products and specialty risk insurance coverages. But we believe as you get bigger, you also have to get better. Our investments in people and proprietary technology allow us to offer our customers the most innovative insurance products to meet their needs today and anticipate their needs for tomorrow. The more we learn from our historical claims data, the better we can build programs, products and services to help you prevent loss, prepare for risks and prevail when the unexpected occurs.

Our commitment to you has led us to build a better customer claims experience . It means we are listening and will continue to tailor our services to exceed your expectations.


With an "A-" rating from A.M. Best, we are well positioned to provide coverage for those in need of a strong, agile partner.


The History of AmTrust



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.


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 I.T. expense ratio in its peer group.


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.


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.


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.


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.


Acquires renewal rights to Associated Industries Insurance Company in 2004, adding book of business in Florida.


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. 


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.


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.


AmTrust acquires Unitrin Business Insurance, expanding commercial package coverages for small businesses, focusing on the U.S. South, Northwest and Midwest.


Acquires renewal rights to CyberCompTM, the workers' compensation business unit of Swiss Re, one of the leaders in internet-based mono-line workers' compensation.


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.


AmTrust acquires BTIS and CardinalComp, and expands operational headquarters in downtown Cleveland, centralizing and expanding support functions at 800 Superior Avenue.


Acquires CNH Capital Insurance Agencies, which offers insurance on construction and agricultural equipment 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.


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.


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 I.T. and operating platform, demonstrating the ability to leverage AmTrust's deep technology expertise.


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.


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.


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.


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.


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 business 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.

2021 and beyond

AmTrust Now is our theme for 2021, as there's never been a better time than right now to do business with AmTrust or to be an employee of AmTrust. We continue to grow underwriting profitability, and our investment sheet is performing well. We have the strongest balance sheet in our history, and we are expanding in businesses where we have unique expertise to generate the most profitable returns.