Czech Republic-based investment firm Krupa Global Investments on Thursday said it filed an antitrust complaint against AmTrust Financial Services Inc. and Stone Point Capital LLC with the European Commission.
The complaint alleges that the New York-based insurer and Greenwich, Connecticut-based private equity firms violated EU rules and engaged in anti-competitive business practices related to Amtrust's 2018 privatization agreement, Krupa said in a statement.
"Stone Point Capital together with the Zyskind / Karfunkel family formed Evergreen LP, which bought and privatized AmTrust 2018 in a transaction that KGI strongly opposed and believed was suspected. KGI claims that AmTrust and Stone Point have potentially negotiated in advance about the above transaction in violation of EU law, Krupa, a former significant shareholder of AmTrust, said in a statement.
Spokesmen on AmTrust and Stone Point were not immediately available for comment.
Krupa claims that AmTrust and Stone Point AmTrust's and Betone's insurance companies owned by Stone Point agreed to boycott AmTrust customers and not compete with each other in certain areas of the insurance industry, the statement said.
The complaint also argues that AmTrust and Stone Point are exchanging sensitive business information that damages customers and thereby violate EU antitrust regulations, s owns Krupa
The company said it was asking the Commission to initiate a formal investigation into the alleged infringements.
Both AmTrust and Stone Point have significant EU operations through subsidiaries m.
Krupa said it has recently filed a complaint with the Delaware Chancery Court against AmTrust for breach of obligation.