AmTrust Financial Services and Blackstone Credit & Insurance have teamed up to create a new independent company, ANV Group Holdings Ltd., by spinning off AmTrust’s managing general agencies (MGAs) and fee-based businesses. The deal, which got regulatory approval after being announced in September, brings together AmTrust’s MGA operations across the US, UK, and Europe under the ANV name.
Under this new arrangement, AmTrust will continue to underwrite the existing business through a 10-year capacity agreement with ANV. This agreement includes seven AmTrust subsidiaries: ANV Specialty, Risico, Collegiate, ANV Nordic, Arc Legal, Qualis, and Abacus.
The MGAs offer a wide range of specialty insurance products. These include cyber excess and surplus insurance, directors and officers coverage, transaction risk insurance, professional indemnity, legal expense insurance, mortgage and structured credit, warranties, agricultural workers’ compensation, income protection, accident and health coverage, and specialized property insurance for both residential and commercial clients.
Adam Karkowsky, formerly the president of AmTrust, has been named chairman and CEO of ANV. The leadership team also features Joseph Brecher as CFO, Jacob Decter as COO, and Aaron Basilius as head of US MGAs, all of whom have held senior positions at AmTrust before.
Barry Zyskind, chairman and CEO of AmTrust, expressed confidence in the move. He said the deal strengthens AmTrust’s global MGA platform and sets ANV up for further growth. He also mentioned that AmTrust will keep a significant equity interest in ANV and will continue working closely with the new company.
Karkowsky added that ANV is ready to grow and create long-term value as a standalone multinational MGA with strong support from both AmTrust and Blackstone. The new company plans to focus on expanding its specialty insurance products, growing through acquisitions and incubations of MGAs, and developing new offerings for brokers and clients across the US, UK, and Europe.
AmTrust, which operates in over 60 countries, will maintain a role by providing underwriting capacity and keeping a key stake in ANV. The spin-off is expected to speed up ANV’s growth and broaden its presence in the specialty insurance market.