BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

AmTrust to go private in $2.7 billion deal

AmTrust to go private in $2.7 billion deal

(Reuters) — U.S. insurer AmTrust Financial Services Inc. said Thursday it would be acquired in a $2.7 billion deal by a group of shareholders including its founding family, chief executive and private equity funds.

Evergreen Parent, an entity formed for the purpose of acquiring AmTrust, will pay $13.50 in cash per AmTrust share, representing a 12.8% premium to the stock’s Wednesday closing price.

Evergreen Parent was formed by private equity funds managed by Stone Point Capital, AmTrust CEO Barry Zyskind and George and Leah Karfunkel, the family that helped found New York-based AmTrust.

The deal comes after a rocky year for AmTrust, which grappled with a series of accounting errors that forced the company to restate three years of earnings and sent its shares sliding to multiyear lows.

“As a private enterprise, we will be able to focus on long-term decisions, without the emphasis on short-term results,” Mr. Zyskind said in a statement.

The deal is expected to close in the second half of the year.



Read Next

  • Amtrust buys backup reinsurance coverage

    Amtrust Financial Services Inc. has purchased $400 million in adverse development coverage from a Bermuda-based runoff reinsurer affiliated with Arch Capital Group Ltd., Amtrust announced Thursday.