AmTrust has named Adam Karkowsky as executive vice president and chief financial officer, the company has announced.

He succeeds Ronald Pipoly Jr who has served as CFO since 2005, with Karkowsky’s appointment following a comprehensive search process, which included internal and external candidates.

The CFO reshuffle follows revelations of accounting missteps earlier this year, with the carrier announcing that it would have to restate its financials between 2014 and the first nine months of 2016.

Karkowsky has been executive vice president, strategic development and mergers and acquisitions at AmTrust since March 2011, a role in which he was responsible for leading the carrier’s M&A initiatives and directing the company’s strategic expansion in the US and internationally.

Commenting on the appointment, AmTrust chairman and CEO Barry Zyskind said: “Adam, with his leadership and knowledge of AmTrust and demonstrated financial expertise, is uniquely qualified to assume the role of CFO.”

Last week, AmTrust announced that it had raised $300mn of capital through family members of the company’s founders via a private placement, which it said would further enhance its balance sheet and capital base.