AmTrust Financial Services

AmTrust Financial Services was founded by brothers George Karfunkel and Michael Karfunkel in 1998.In 2005, Ronald Pipoly was appointed as Chief Financial Officer.AmTrust began trading on the NASDAQ Global Select Market on November 13, 2006.In 2016, Barry Zyskind, Michael Karfunkel's son-in-law, was appointed as Chairman in addition to existing roles as Chief Executive Officer, President and Chairman of Executive Committee. Zyskind was listed by Forbes as the best performing CEO in the Insurance industry in December 2014.In 2017, Adam Karkowsky was appointed as Chief Financial Officer.In November 2018, AmTrust completed a go-private transaction, merging with Evergreen Parent, L.P., an entity formed with private equity funds managed by Stone Point Capital LLC, together with the Karfunkel-Zyskind family.In January 2019, AmTrust voluntarily delisted and deregistered all series of preferred stock and subordinated notes. Adam Karkowsky became president of AmTrust in December 2019.In January 2019, AmTrust Financial Services, Inc. entered into a quota share agreement with Swiss Reinsurance America Corp for 2019 covering U.S. small commercial business totaling approximately $2.9 billion in projected written premiums, with Swiss Re projected to assume approximately $1.05 billion on an inforce, new and renewal basis.On June 17, 2020, the U.S. Securities and Exchange Commission filed a complaint against AmTrust Financial Services, Inc. and its former CFO Ronald E. Pipoly, which alleged that the Company’s disclosures through the end of 2015 of its actuarial process for estimating loss reserves failed to disclose the Company’s process for reporting its management’s best estimate of loss reserves. Without admitting or denying the allegations, the Company agreed to accept a $10.3 million civil penalty and Mr. Pipoly agreed to a civil penalty, disgorgement payment and interest in the total amount of $237,499 in full settlement of the claims.