AmTrust Financial Services and Blackstone Credit & Insurance have launched a new independent company, ANV Group Holdings Ltd., after completing a strategic transaction that spins off a portfolio of AmTrust’s managing general agencies and fee-based businesses. The companies initially announced the transaction in September, and they completed it after receiving regulatory approval.
A New Independent MGA Organization
Through this transaction, AmTrust’s MGA operations in the United States, the United Kingdom, and Continental Europe will operate together under the ANV banner. In addition, AmTrust and ANV entered into a 10-year capacity agreement. Under this agreement, AmTrust will continue to underwrite the existing books of business offered through the MGAs now included in ANV. The agreement covers seven AmTrust subsidiaries: ANV Specialty, Risico, Collegiate, ANV Nordic, Arc Legal, Qualis, and Abacus.
Specialty Products Under the ANV Platform
The MGAs within ANV provide a broad portfolio of specialty insurance products. These include 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 niche property coverages. These property offerings serve both residential and commercial clients.
Leadership Appointments
ANV Group Holdings will be led by Adam Karkowsky, formerly president of AmTrust, who has been appointed chairman and CEO. Meanwhile, the leadership team also includes Joseph Brecher as chief financial officer, Jacob Decter as chief operating officer, and Aaron Basilius as head of MGAs US. Each of these leaders previously held senior roles at AmTrust.
Executive Perspectives
Barry Zyskind, chairman and CEO of AmTrust, said the transaction builds on the foundation of AmTrust’s global MGA platform and positions ANV for further growth. He also said he looks forward to ANV achieving profitable portfolio growth and continuing to provide strong underwriting and service. Additionally, he stated that AmTrust will continue to work with ANV and participate in its future success through a significant retained equity interest.
Adam Karkowsky, chairman and CEO of ANV, said that ANV is launching an independent, diversified multinational MGA platform built on deep insurance expertise and a shared operational history. He added that the company is well-positioned to create meaningful growth and long-term value with continued support from AmTrust and Blackstone.
Strategic Direction Going Forward
ANV will focus on scaling its specialty and affinity insurance offerings for brokers, partners, and clients across the US, UK, and Europe. At the same time, the company expects to acquire and incubate MGAs and develop new products within its platform.
AmTrust’s Ongoing Involvement
AmTrust serves clients in more than 60 countries. After the transaction, AmTrust will retain a significant equity interest in ANV and will continue providing underwriting capacity for ANV’s MGA operations.
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