Rating agency AM Best has downgraded the financial strength ratings of AmTrust Financial Services' insurance units to ‘A-' from ‘A'. They were previously under review with negative implications.The downgrade comes on the back of a period of uncertainty and turmoil during which the company has been taken private in a deal backed by the Karfunkel-Zyskind Family and Stone Point Capital.
The company has stated the move actually gives it ‘certainty and confidence'.
Barry Zyskind, chairman and CEO of AmTrust, said: "With the completion of AM Best's review and the issuance of an ‘A-' (Excellent) rating, with a stable outlook, we can move forward with certainty and confidence in AmTrust's ability to support its business globally and capitalize on opportunities for the long term.
"On behalf of the Karfunkel-Zyskind Family and our partner Stone Point Capital, we remain fully committed to our proposed transaction to take AmTrust private and are looking forward to continuing to serve our clients, agents, partners and policyholders."
AmTrust Financial Services, AM Best, Financial strength rating, Outlook, IFS, Insurance, North America