Madison Dearborn Partners increases stake in insurance services company Amynta Group
NEW YORK and CHICAGO, March 10, 2022 /PRNewswire/ — Amynta Group (“Amynta” or “the Company”), a leading insurance services company, today announced that funds affiliated with Madison Dearborn Partners, LLC (MDP), a leading Chicagoprivate equity investment firm, have acquired all interests in Amynta held by AmTrust Financial Services, Inc. (“AmTrust”). Through this transaction, MDP builds on its existing majority stake in Amynta, a position held since the company’s inception in 2018. Amynta’s management team will continue to retain a minority stake in the company. Existing commercial agreements between Amynta and AmTrust will remain in place after the transaction. Terms of the transaction were not disclosed.
Rob GiammarcoChairman and CEO of Amynta, said, “MDP has been a great partner for Amynta and we will continue to value their expertise, insight and support of our vision and commitment as we embark on our next chapter of growth. The increased investment from MDP will support the ability to drive the continued expansion of our business. We are grateful for AmTrust’s strong support and value-added partnership since Amynta’s inception and look forward to building on our very successful business relationship, delivering strong market capability.
Founded in 2018, Amynta is one of the largest underwriting managers in United States, distributing a wide range of property and casualty protection and warranty products and services. The company was established to create a customer-centric underwriting platform, in partnership with leading insurers and distribution partners, to provide innovative insurance solutions that meet customer needs through underwriting and top notch service. Amynta has handled insurance premiums of over $3.5 billion and a total net income of approximately $600 million. Amynta operates from 32 offices across United States, Canada, UK and Australia.
Vahe DombalagianManaging Director and Co-Head of the MDP Financial & Transaction Services team, said: “We initially invested in partnership with Rob Giammarco and the Amynta team several years ago before an ambitious journey to build a preeminent subscription services platform. Amynta has since charted an impressive growth trajectory through organic investments in underwriting and new business development and through strategic acquisitions to create a value proposition at scale for its carriers, customers and partners. AmTrust has been an excellent partner in the development of the business and we appreciate their unwavering support of Amynta over the years. Amynta has many exciting and even broader opportunities ahead and we are excited to strengthen our partnership with the company and its talented team throughout this next chapter.”
Barry ZyskindPresident and CEO of AmTrust Financial Services, said, “We greatly value our partnership with Amynta and its management team and look forward to the company’s continued success. We have tremendous respect for the underwriting excellence that Amynta brings to the market and look forward to continuing our strong business partnership, with many opportunities for growth in the future. Amynta has been a very successful investment for AmTrust and our stock sale creates an opportunity to reinvest in the continued growth of our business and capitalize on the many attractive underwriting opportunities in the market.”
Amynta Group is a leading insurance services company with over $3.5 billion in managed premiums and 2,000 associates across North America, Europeand Australia. An independent, customer-centric and underwriting-driven company, Amynta provides innovative insurance and warranty protection solutions to major carriers, wholesalers, retail agencies, automotive dealers, OEMs and consumer product retailers. Amynta operates through three segments: General Agency Management; Warranty, including automotive, consumer and specialty equipment; and Specialized Risk Management Services. For more information, visit amyntagroup.com.
About Madison Dearborn Partners, LLC
Madison Dearborn Partners, LLC (“MDP”) is a leading private equity investment firm based in Chicago. Since inception of MDP in 1992, the company has raised total capital of more than $28 billion and has made more than 150 investments. MDP invests in five dedicated verticals, including Financial and Transaction Services; basic industries; commercial and government software and services; Health care; and telecommunications, media and technology services. For more information, please visit www.mdcp.com.
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, business owner’s policy (BOP), general liability, and extended warranty and service coverage. For more information about AmTrust, visit www.amtrustfinancial.com.
Telephone: (646) 887-9498
E-mail: [email protected]
Madison Dearborn Partners
Deirdre Walsh or Jake Yanulis
Phone: (212) 371-5999
E-mail: [email protected]
AmTrust Financial Services
Phone: (646) 870-1949
E-mail: [email protected]
SOURCE The Amynta Group