AmTrust Financial Services Inc. closed a previously announced private placement of 24,096,384 common shares, yielding gross proceeds of $300 million.

The shares were sold at a price of $12.45 each. The private placement's sole participants were members of the Karfunkel family, who in return received unregistered AmTrust common shares and rights to register the shares in the future.

George Karfunkel and Leah Karfunkel currently serve as directors on the company's board. George Karfunkel owned 20,222,572 shares of the company as of March 24.