AmTrust Expands E&S Division, Spins Off Some MGAs With Blackstone

AmTrust Financial Services has a busy day on Sept. 15 as it expanded its excess & surplus division to include new lines, appointed leadership, and announced an agreement with Blackstone Credit & Insurance to spin off certain managing general agencies into a new, independent company.

AmTrust introduced new product lines in property, environmental, and builders risk as part of its E&S expansion. The New York-based holding company also consolidated its primary, excess, and environmental products into a new brokerage casualty group.

“AmTrust’s E&S division is at a true inflection point as we continue to carry out our long-term strategy to make meaningful investments in hiring top-tier talent and broadening our offerings to better serve our insureds and position us for sustained growth in the E&S market,” said Erich Bublitz, head of AmTrust E&S, in a statement.

AmTrust hired Brian Mulvihill from Crum & Forster in August 2025. He will lead the new casualty group. He spent over nine years at C&F in underwriting and management roles in areas including construction, unified XS, and most recently, vice president, excess & umbrella, Head of Wholesale East.

Kevin Sullivan, who joined AmTrust in April 2024, will lead the property group. He had spent 11 years at AXA XL.

With 20 years of experience in the environmental insurance, Tom Kashickey, will lead that group. Kashickey joined AmTrust in January. He has held underwriting and senior leadership roles at Ironshore (now Liberty Mutual) and AXIS Capital, following a legal career.

Rob Tricamo also joined AmTrust in April 2025 and will lead the builders risk group. He previously spent 11 years at Berkshire Hathaway Specialty Insurance.

Sullivan, Kashickey, and Tricamo will lead the company’s property, environmental, and builders risk product lines.

Meanwhile, Blackstone Credit & Insurance (BXCI) said AmTrust and funds managed by BXCI will partner to spin off seven AmTrust subsidiaries—ANV, Risico, Collegiate, AmTrust Nordic, Arc Legal, Qualis, and Abacus—into a new company with about 700 employees. The name of the company is to be determined.

Upon execution of the agreement—expected to close by the end of the year, AmTrust will have a 10-year capacity agreement with the newly formed company to remain the underwriter of the existing books of businesses of the MGAs, which are in cyber excess, directors & officers, transactional risk, professional indemnity, legal expense, mortgage, warranty, agricultural worker’s compensation, and accident & health, and residential and commercial niche property.

Adam Karkowsky, president of AmTrust, will become CEO and chairman of the new company. Karkowsky has been president of AmTrust since the end of 2018 and has been with the company since 2011, holding roles such as CFO and EVP of strategic development.

Topics Excess Surplus Insurance Wholesale

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