AmTrust confirms strategic plan, reveals executive succession

AmTrust confirms strategic plan, reveals executive succession | Insurance Business

AmTrust confirms strategic plan, reveals executive succession

AmTrust Financial Services has launched a strategic plan for its business and announced the succession of certain executive leaders.

AmTrust announced the launch of its strategic plan, AmTrust Forward, on Wednesday.

“Our vision for AmTrust is to be a leading specialty commercial P&C insurer,” said Barry Zyskind, chairman and CEO of AmTrust. “We believe we can achieve this by focusing on local markets and niche products where we can add significant value. As a private company, we have the opportunity to return to the core of what made AmTrust so successful over the past 20 years and manage our business for long-term success through sustainably profitable future growth.”

AmTrust Forward is an organisation-wide program focused on using the company’s unique strengths to offer select commercial P&C products globally where it can differentiate its offering and bring added value, AmTrust said.

“As a private enterprise, we believe we are better positioned to take a long-term view of every opportunity,” Zyskind said. “We will continue to ensure we are making the right decisions for the future of our business, our employees, and the agents, brokers, partners and clients we serve around the world. … This is a new era for AmTrust, and we are positioning our company to thrive for the next 20 years and beyond.”

Executive succession
AmTrust also announced the succession of certain executives. Michael Saxon, executive vice president of US commercial lines, and Max Caviet, CEO of AmTrust International Limited, the company’s European parent holding company, have each announced their retirement. Saxon has been with AmTrust since 2001, and Caviet joined AmTrust in 2003. Saxon will stay with the company on a consultative basis as vice chairman of AmTrust North America. Both he and Caviet will assist in the transition to their respective successors, Christopher Foy and Peter Dewey.

Christopher Longo, AmTrust chief operating officer, has also left the company. Longo has been with AmTrust since 2001.

“I would like to recognise and thank Mike, Max and Chris, who have been instrumental in building AmTrust over the past 20 years,” Zyskind said. “I greatly appreciate the commitment and dedication they brought to our company, throughout our many years of working together. I am very pleased to welcome Chris Foy and Peter Dewey to their new, expanded roles. Each is a talented leader with sound decision-making skills, driven by integrity and a deep commitment to excellence and service.”

Foy will serve as executive vice president and head of North American commercial P&C, and will be responsible for leading AmTrust’s North American commercial business and specialty programs segments. Foy joined the company in 2016 as president of AmTrust Underwriters. Prior to joining AmTrust, he served as president and owner of Total Program Management, a specialty MGA.

Dewey will serve as executive vice president and head of international. In that role, he will oversee AmTrust’s international business. Dewey joined AmTrust in 2003 and has served as CEO of AmTrust at Lloyd’s since 2014. Prior to that role, he served as chief underwriting officer of AmTrust’s specialty risk and warranty division.