AmTrust Financial Services, Inc. (Nasdaq:AFSI)
(the “Company” or “AmTrust”) today announced that
Adam Karkowsky, a seasoned finance executive and most recently
AmTrust’s Executive Vice President, Strategic Development and
Mergers & Acquisitions, has been appointed Executive Vice
President and Chief Financial Officer, succeeding Ronald Pipoly,
Jr. Mr. Karkowsky’s appointment follows a comprehensive
search process, which included internal and external candidates, to
identify a successor to Mr. Pipoly.
Mr. Pipoly, who has served as Chief Financial
Officer since 2005, will work with Mr. Karkowsky to ensure an
effective and seamless transition of responsibilities.
Mr. Karkowsky has been AmTrust’s Executive Vice
President of Strategic Development and Mergers & Acquisitions
since March 2011. In that role, he led the Company's merger and
acquisition initiatives and oversaw the implementation of AmTrust’s
corporate development and corporate strategy. Mr. Karkowsky
directed the Company’s strategic expansion in the U.S. and
internationally.
“Adam, with his leadership and knowledge of
AmTrust and demonstrated financial expertise, is uniquely qualified
to assume the role of CFO,” said Barry Zyskind, Chairman and Chief
Executive Officer. “Adam is an important leader in guiding the
strategic growth of the Company, both domestically and
internationally. He has a deep understanding of AmTrust and the
property and casualty insurance industry. We look forward to
benefitting from Adam’s knowledge of our industry and our company
in his new role as we work to capitalize on AmTrust’s size and
scale to achieve meaningful organic growth and significantly
increase operational efficiencies across our business.”
Mr. Karkowsky said, “As part of our focus on
operational excellence across the organization, we will be building
on the progress that has been made to strengthen AmTrust’s
financial reporting capabilities and expertise, while also further
enhancing our disclosure regarding the Company’s business and
financial performance.”
Mr. Zyskind concluded, “On behalf of the entire
Board and management team, I want to thank Ron for his many
contributions and hard work as CFO over the past twelve years. We
look forward to continuing to benefit from Ron’s experience and
capabilities.”
Mr. Karkowsky is based at AmTrust’s New York
City headquarters.
About Adam Karkowsky
Adam Karkowsky joined the Company in March 2011
as Executive Vice President—Strategic Development and Mergers &
Acquisitions. Mr. Karkowsky also serves as an officer and director
of several of AmTrust subsidiaries. Previously, Mr. Karkowsky
served in various finance and strategy roles in the private equity
and insurance industries, including as Vice President, Mergers
& Acquisitions Insurance Group, at AIG. He began his career as
a corporate associate at Katten Muchin Rosenman following his
graduation from Georgetown University Law Center in 1999.
About Ronald Pipoly, Jr.
Ronald Pipoly, Jr. joined AmTrust in 2001 and
was appointed Chief Financial Officer in 2005. From 1993 to
2001, Mr. Pipoly served as Financial Analyst, Assistant Controller,
and ultimately, Controller at PRS Group, Inc., a property and
casualty insurance holding company in Beachwood, Ohio. Mr. Pipoly
began his career at Coopers and Lybrand, an accounting firm, where
he worked from 1988 through 1993.
About AmTrust Financial Services,
Inc.
AmTrust Financial Services, Inc., a
multinational insurance holding company headquartered in New York
City, 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.
For more information about AmTrust visit
www.amtrustgroup.com.
Forward-Looking Statements
This news release contains certain
forward-looking statements that are intended to be covered by the
safe harbors created by the Private Securities Litigation Reform
Act of 1995. When we use words such as “anticipate,” “intend,”
“plan,” “believe,” “estimate,” “expect,” or similar expressions, we
do so to identify forward-looking statements. Examples of
forward-looking statements include the plans and objectives of
management for future operations, including those relating to
future growth of our business activities and availability of funds,
projections of the impact of potential errors or misstatements in
our financial statements, and estimates of the impact of material
weaknesses in our internal control over financial reporting, and
are based on current expectations that involve assumptions that are
difficult or impossible to predict accurately and many of which are
beyond our control. Actual results may differ materially from those
expressed or implied in these statements as a result of significant
risks and uncertainties, including, but not limited to, non-receipt
of expected payments from insureds or reinsurers, changes in
interest rates, a downgrade in the financial strength ratings of
our insurance subsidiaries, the effect of the performance of
financial markets on our investment portfolio, the amounts, timing
and prices of any share repurchases made by us under our share
repurchase program, development of claims and the effect on loss
reserves, accuracy in projecting loss reserves, the cost and
availability of reinsurance coverage, the effects of emerging claim
and coverage issues, changes in the demand for our products, our
degree of success in integrating acquired businesses, the effect of
general economic conditions, state and federal legislation,
regulations and regulatory investigations into industry practices,
the impact of known or potential errors or misstatements in our
financial statements, our ability to timely and effectively
remediate the material weaknesses in our internal control over
financial reporting and implement effective internal control over
financial reporting and disclosure controls and procedures in the
future, risks associated with conducting business outside the
United States, the impact of Brexit, developments relating to
existing agreements, disruptions to our business relationships with
Maiden Holdings, Ltd. or National General Holdings Corp., breaches
in data security or other disruptions with our technology,
heightened competition, changes in pricing environments, and
changes in asset valuations. Additional information about these
risks and uncertainties, as well as others that may cause actual
results to differ materially from those projected, is contained in
our filings with the SEC, including our Annual Report on Form 10-K
and our quarterly reports on Form 10-Q. The projections and
statements in this news release speak only as of the date of this
release and we undertake no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
For more information, please contact:
AmTrust Financial Services, Inc.
Chaya Cooperberg
Chief Communications Officer & SVP Corporate Affairs
chaya.cooperberg@amtrustgroup.com
646.458.3332
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