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AmTrust Financial Services Inc., which had already weathered a tough 2017, continued to struggle in 2018.
The New York-based insurer, which is a significant workers compensation insurer for small and midsize companies, had been under pressure since reports emerged last year that its accounting practices were under investigation.
More money was injected into the company, and adverse development reinsurance coverage was purchased, but that was quickly exhausted.
In January, a proposal to take the insurer private was announced, which was approved later after the offer was sweetened to satisfy Carl Icahn and other investors, but a July story about a ratings downgrade for AmTrust was the most read workers comp story on Business Insurance’s website in 2018.
A.M. Best Co. Inc. cited concerns over AmTrust’s reserve development in its downgrade note and added that a deterioration in the insurer’s underwriting results contributed to the decision to downgrade.
Later in the year, AmTrust sold its reinsurance unit as it continued try and turnaround its business.
(Reuters) — U.S. workers compensation insurer AmTrust Financial Services Inc. on Thursday agreed to be acquired by a group of investors for a sweetened $2.95 billion deal that also helped secure the support of dissenting shareholder Carl Icahn.