AmTrust, BXCI close strategic transaction and launch MGA ANV

Core Insights - AmTrust Financial Services, Inc. and Blackstone Credit & Insurance have successfully closed a strategic transaction to form a new independent multinational Managing General Agency (MGA) named ANV Group Holdings Ltd. [1][2] Company Overview - The transaction involves the spin-off of certain AmTrust Managing General Agencies and fee-based businesses in the U.S., U.K., and Continental Europe into ANV, which is jointly backed by AmTrust and funds managed by Blackstone [2] - AmTrust will maintain its role as the underwriter for existing business through a ten-year capacity agreement with ANV [2] Subsidiaries and Offerings - The agreement encompasses seven AmTrust subsidiaries: ANV Specialty, Risico, Collegiate, ANV Nordic, Arc Legal, Qualis, and Abacus [3] - These subsidiaries provide a diverse range of insurance coverages, including cyber excess and surplus, directors and officers insurance, transaction risk insurance, professional indemnity, legal expense, mortgage and structured credit, warranty, agricultural workers' compensation, income protection, accident and health, and niche property insurance [3] Leadership Team - Adam Karkowsky has been appointed as Chairman and CEO of ANV, bringing nearly 15 years of leadership experience from AmTrust [4] - The leadership team includes Joseph Brecher as Chief Financial Officer, Jacob Decter as Chief Operating Officer, and Aaron Basilius as Head of MGAs US, all of whom have significant prior experience at AmTrust [5] Strategic Vision - Barry Zyskind, Chairman and CEO of AmTrust, expressed confidence in the transaction, highlighting the potential for profitable portfolio growth and strong underwriting under Karkowsky's leadership [6] - Karkowsky emphasized ANV's positioning for meaningful growth and long-term value creation, supported by AmTrust and Blackstone [6]