AmTrust investors have approved a $2.95bn deal proposed by the firm’s founding family and private equity firm, Stone Point, to take the company private.

The assent ends a long running ordeal which has seen both shareholder opposition and increases in the deal price.

Stone Point and the Karfunkel-Zyskind Family originally proposed to acquire the approximately 45 percent of AmTrust’s shares not owned or controlled by their affiliates in January 2018 for $12.25 per share but raised their bid first to $13.50 per share in March before sweetening the offer to $14.75 per share in June following pressure from activist investor Carl Icahn.

During a company special meeting, 79.8 percent of common voting stock backed the deal, while the public shareholders - the aforementioned 45 percent of the shares not connected to CEO Barry Zyskind or his wife Leah Karfunkel’s family - voted 67.4 percent in favour.

AmTrust chairman and CEO Barry Zyskind said he was pleased with the outcome of the vote which he said maximised the value on offer for public shareholders and provided AmTrust with a strong partner in Stone Point.

“Together, as a private company, we will continue to serve our clients, agents, partners and policyholders with a focus on initiatives that will help them achieve success,” he said.

“I would like to thank our approximately 8,000 global employees who, throughout this process, have remained focused on serving our policyholders with best-in-class dedication and service,” he added.

“As our company continues to innovate and drive toward operational excellence, our team members will be AmTrust’s most valuable engine in achieving our long-term objectives.”

Jim Carey, senior principal of Stone Point Capital, added: “Stone Point is excited to partner alongside the Karfunkel-Zyskind family and AmTrust’s management team.

“We look forward to working closely with management to help them drive their current operational initiatives and ultimately capitalize on the longer-term opportunities for the business.”