EXHIBIT 99.1
AmTrustGo-Private Transaction Completed
NEW YORK, November 29, 2018 – AmTrust Financial Services, Inc.(Nasdaq: AFSI) (“AmTrust” or the “Company”)today announced the completion of the merger transaction in which Evergreen Parent, L.P., an entity formed by private equity funds managed by Stone Point Capital LLC (“Stone Point”), together with Barry Zyskind, Chairman and CEO of AmTrust, George Karfunkel and Leah Karfunkel (collectively, the “Karfunkel-Zyskind Family”), has acquired the approximately 45% of the Company’s issued and outstanding common shares that the Karfunkel-Zyskind Family and certain of its affiliates and related parties did not already own or control. The transaction values the fully diluted equity of the Company at approximately $2.95 billion, excluding the Company’s outstanding preferred stock.
The merger transaction was approved by AmTrust common stockholders at a special meeting of stockholders held on June 21, 2018. Trading in AmTrust’s common stock (NASDAQ: AFSI) has been suspended prior to the open of markets today. The transaction constitutes a “make-whole fundamental change” under the indentures relating to AmTrust’s outstanding convertible notes.
Barry Zyskind, Chairman and CEO of AmTrust, said, “We are excited to enter this new chapter for AmTrust, and are fully focused on deepening the meaningful relationships we have with our agents, brokers, and customers. We are committed to continuing to offer consistent and outstanding service in our markets. As we celebrate the 20th year since our founding, we are positioning AmTrust to remain a financially strong, stable insurance products and risk services partner.”
Jim Carey, Senior Principal of Stone Point Capital, said, “Stone Point is looking forward to working with the AmTrust leadership team, providing support and guidance, as the Company executes on its strategies to deliver outstanding customer service, long-term profitable growth and operational excellence.”
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers’ compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries rated“A-” (Excellent) by A.M. Best. AmTrust is included in the Fortune 500 list of largest companies. For more information about AmTrust visitwww.amtrustfinancial.com.
About Stone Point Capital
Stone Point Capital LLC (www.stonepoint.com) is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies.