AmTrust, Blackstone partner in MGA, fee business

AmTrust Financial Services said Monday it would partner with Blackstone Credit & Insurance to spin off certain AmTrust managing general agencies and fee businesses in the U.S., United Kingdom and Europe into an independent company.

AmTrust and the newly formed company will then enter into a 10-year capacity agreement through which AmTrust will remain underwriter of the existing books of business offered through the MGAs.

The new company, which will operate under a new brand name, to be announced at a later date, is expected to have over 700 employees.

The agreement includes seven AmTrust subsidiaries: ANV, Risico, Collegiate, AmTrust Nordic, Arc Legal, Qualis and Abacus.

These businesses provide insurance coverages including 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 residential and commercial property.

Adam Karkowsky, president of AmTrust, will leave to become chairman and CEO of the new company. He joined AmTrust in March 2011 and became president in December 2018.

Mr. Karkowsky’s leadership team at the new company will include Joseph Brecher, now senior vice president, head of alternative investments at AmTrust, as chief financial officer; and Jacob Decter, chief strategy officer, global fee businesses, at AmTrust, as chief operating officer.

The transaction has been approved by AmTrust’s board of directors and is expected to close by year-end 2025, subject to customary closing conditions and regulatory approvals.

Meanwhile, AmTrust said it is expanding its excess and surplus division by consolidating its primary, excess and environmental products into a new brokerage casualty group and named senior leadership.

Brian Mulvihill, senior vice president, casualty brokerage, will lead the new casualty brokerage group. He joined AmTrust in August 2025 from Crum & Forster Insurance and most was recently, vice president, excess and umbrella, head of wholesale East. He is based in Morristown, New Jersey.