AmTrust to Spin Off MGAs, Expands Excess & Surplus Lines Division

AmTrust Financial Services is partnering with Blackstone Credit & Insurance to spin off several of its managing general agencies (MGAs) and fee businesses across the U.S., UK, and Europe into an independent company. This new entity will have over 700 employees and operate under a new brand, while AmTrust will maintain underwriting capacity for existing business through a 10-year agreement. The transition, expected to complete by the end of 2025, involves seven AmTrust subsidiaries covering a range of insurance products including cyber, directors and officers, and niche property coverage.

The leadership of the new company will include Adam Karkowsky as chairman and CEO, along with Joseph Brecher as CFO and Jacob Decter as COO, all formerly of AmTrust. Concurrently, AmTrust is also expanding its excess and surplus division by consolidating primary, excess, and environmental insurance products into a new casualty brokerage group led by Brian Mulvihill. These strategic moves aim to streamline operations and strengthen AmTrust's focus on excess and surplus lines.