Greenwich firm completes $2.7B AmTrust buyout
Stone Point Capital completed its $2.7 billion acquisition of AmTrust Financial Services, taking the New York City-based specialty insurance carrier private under the leadership of AmTrust CEO Barry Zyskind.
Founded two decades ago, AmTrust underwrites property and casualty insurance for small businesses as well as specialty coverages like extended warranties, with AmTrust losing $70.7 million in the second quarter on revenue of $1.6 billion. AmTrust’s sole office in Connecticut is located in Southington.
On the issue’s final day of trading Wednesday on the Nasdaq, AmTrust shares closed at $14.75, more than quadruple their value in 2006 on an adjusted basis but off a peak price above $36 in July 2015.
Alex.Soule@scni.com; 203-842-2545; @casoulman