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AmTrust completes transfer of 51% interest in fee-based biz to Madison Dearborn

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AmTrust completes transfer of 51% interest in fee-based biz to Madison Dearborn

AmTrust Financial Services Inc. has completed the transfer of a 51% equity interest in its U.S.-based fee businesses to Madison Dearborn Partners LLC.

The 51% interest in the business has become a newly formed company under the brand name The Amynta Group. It has operations in warranty and services contracts for the automotive, consumer products and specialty equipment industries, among others, and administration of niche workers' compensation and contractor liability coverage in the U.S. on behalf of AmTrust and other carriers. The new company has more than 1,500 employees and is headquartered in New York.

Stuart Hollander, who most recently served as AmTrust's president of specialty risk in North America, will serve as Amynta's CEO.

Bank of America Merrill Lynch served as AmTrust's financial adviser for the transaction, and Debevoise & Plimpton LLP was legal counsel. Kirkland & Ellis LLP acted as legal adviser to Madison Dearborn.