Clicky

INN Blog

More Posts
 

AmTrust Financial Services, Inc. Reports Third Quarter Operating Earnings(1) of $48.8 Million and Net Income of $43.2 Million

GlobeNewswire

Book Value Per Share of $16.01, Up 18.9% Since December 31, 2011

Financial Highlights

Third Quarter 2012

  • Gross written premium of $736.6 million, up 31.3% from the prior year
  • Operating diluted EPS(1)(2) of $0.75 ($0.01 attributable to gain on life settlement contracts) compared to $0.66 ($0.06 attributable to gain on life settlement contracts) in the third quarter 2011
  • Annualized operating return on equity(1) of 18.8% and annualized return on equity of 16.7%
  • Net earned premium of $387.4 million, up 34.1% from third quarter 2011
  • Commission and other revenues of $115.1 million, up 36.1% from third quarter 2011
  • Operating earnings(1) of $48.8 million compared to $42.2 million in the third quarter 2011
  • Third quarter 2012 results include gain on life settlement contracts net of non-controlling interest of $1.0 million compared to $3.8 million in the third quarter of 2011
  • Net income of $43.2 million compared to $37.2 million in third quarter 2011
  • Diluted EPS (2) of $0.66 compared to $0.58 in the third quarter 2011
  • Combined ratio of 90.2% compared to 89.3% in the third quarter 2011

YTD 2012

  • Gross written premium of $2.0 billion, up 26.3%, or 30.1% excluding $45.0 million in one-time unearned premium transfers in the prior year
  • Operating diluted EPS(1)(2) of $2.17 ($0.03 attributable to gain on life settlement contracts) compared to $2.23 ($0.44 attributable to gain on life settlement contracts) in the first nine months of 2011
  • Annualized operating return on equity(1) of 18.8% and annualized return on equity of 16.6%
  • Net earned premium of $1.04 billion, up 40.4% from the first nine months of 2011
  • Commission and other revenues of $311.9 million, up 33.4% from the first nine months of 2011
  • Operating earnings(1) of $138.2 million compared to $138.8 million in the first nine months of 2011
  • 2012 results include gain on life settlement contracts net of non-controlling interest of $2.2 million compared to $27.4 million in the first nine months of 2011
  • Net income of $122.7 million compared to $132.5 million from the first nine months of 2011
  • Diluted EPS (2) of $1.93 compared to $2.13 in the first nine months of 2011
  • Combined ratio of 89.2% compared to 89.0% in the first nine months of 2011
  • Book value per share of $16.01, up from $13.47 as of December 31, 2011
  • Shareholders' equity was $1.1 billion as of September 30, 2012

NEW YORK, Nov. 6, 2012 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") today reported third quarter 2012 operating earnings(1) of $48.8 million, or $0.75 per diluted share, compared to $42.2 million, or $0.66 per diluted share(2), in the third quarter of 2011. Net income totaled $43.2 million, or $0.66 per diluted share, for the third quarter of 2012 compared to $37.2 million, or $0.58 per diluted share(2), in the third quarter of 2011. Third quarter 2012 operating earnings included a gain of $1.0 million, or $0.01 per diluted share, for life settlements compared to $3.8 million, or $0.06 per diluted share, for the third quarter of 2011.

There are No Baby Steps in Sales.

During the first nine months of 2012, net income totaled $122.7 million, down 7.4% from $132.5 million in the first nine months of 2011. Earnings per diluted share(2) totaled $1.93 in the first nine months of 2012, a decrease of 9.4% from $2.13 in the same period a year ago. Operating earnings(1) totaled $138.2 million, or $2.17 per diluted share, a decrease of 0.4% from $138.8 million, or $2.23 per diluted share(2), in the first nine months of 2011. In the first nine months of 2012, operating earnings included $2.2 million, or $0.03 per diluted share, for a gain on life settlements compared to $27.4 million, or $0.44 per diluted share, for the first nine months of 2012. Per share results for the third quarter and nine months reflect a 10% stock dividend the Board of Directors declared on August 6, 2012.

Third Quarter 2012 Results

For the third quarter of 2012, total revenue of $502.5 million increased $129.1 million, or 34.6%, from $373.4 million a year ago. Gross written premium of $736.6 million rose $175.4 million, or 31.3%, from $561.2 million compared to the same period a year ago. Net written premium of $483.7 million increased $161.8 million, or 50.2%, from $321.9 million in the third quarter in 2011. Net earned premium of $387.4 million increased $98.6 million, or 34.1%, from $288.8 million in the third quarter of 2011.

Ceding commissions, primarily related to the reinsurance agreements with Maiden Holdings, Ltd. ("Maiden"), totaled $49.9 million, up 22.4% from $40.7 million a year ago. During the quarter, AmTrust ceded $189.7 million of gross written premium and $179.1 million of earned premium to Maiden compared to $173.2 million of gross written premium and $160.2 million of earned premium ceded in the third quarter of 2011.

Total service and fee income of $44.6 million increased $15.7 million, or 54.6%, from $28.8 million in the third quarter of 2011 and included $7.2 million from related parties compared with $4.2 million in the third quarter of 2011.

Investment income, excluding net realized gains and losses, totaled $18.4 million, an increase of 27.5% from $14.5 million in the third quarter of 2011. In addition, third quarter 2012, results include net realized investment gains of $2.2 million, or $1.4 million after-tax, on certain fixed income and equity investments compared with $0.6 million, or $0.4 million after-tax, in the third quarter of 2011. 

In the third quarter 2012, net gain on life settlements including non-controlling interest was $3.3 million. Operating earnings(1) included gain on life settlement contracts of $1.0 million, net of non-controlling interest.

There are No Baby Steps in Sales.

Loss and loss adjustment expense totaled $255.6 million, an increase of $70.3 million from $185.4 million in the third quarter of 2011 and resulted in a loss ratio of 66.0% compared with 64.2% for the third quarter of 2011.

Acquisition costs and other underwriting expenses of $143.7 million increased $30.5 million from $113.3 million in the third quarter of 2011. Acquisition costs and other underwriting expenses less ceding commissions totaled $93.9 million compared to $72.5 million in the third quarter of 2011. The expense ratio was 24.2%, down from 25.1% in the third quarter of 2011.

Other expenses of $42.3 million increased $18.3 million from $24.0 million in the third quarter of 2011.

Year-to-Date 2012 Results

For the first nine months of 2012, total revenue was $1.35 billion, an increase of $376.1 million, or 38.7%, from $971.2 million a year ago. Gross written premium of $2.0 billion rose $412.0 million, or 26.3%, from $1.6 billion for the same period the year before. Net written premium was $1.24 billion, an increase of $303.4 million, or 32.6%, from $931.6 million a year ago. Net earned premium of $1.04 billion increased $298.0 million, or 40.4%, from $737.5 million the year before.

Commission and other revenues were $311.9 million, an increase of $78.1 million, or 33.4%, from $233.8 million for the first nine months of 2011 and represented 23.1% of total revenue. The combined ratio totaled 89.2% compared with 89.0% for the first nine months of 2011.

Ceding commissions, primarily related to the reinsurance agreements with Maiden, totaled $140.7 million, up 25.8% from $111.8 million a year ago. During the first nine months of 2012, AmTrust ceded $576.9 million of gross written premium and $515.4 million of earned premium to Maiden compared to $513.9 million of gross written premium and $410.8 million of earned premium ceded during the first nine months of 2011.

Total service and fee income of $118.1 million increased $39.6 million, or 50.4%, from $78.5 million for the first nine months of 2011 and included $20.2 million from related parties compared with $12.1 million for the first nine months of 2011.

Investment income, excluding net realized gains and losses, totaled $49.3 million, an increase of 17.9% from $41.8 million for the first nine months of 2011. In addition, the first nine months of 2012 results included net realized investment gains of $3.8 million, or $2.4 million after-tax, on certain fixed income and equity investments compared with $1.6 million, or $1.0 million after-tax, compared to the same period a year ago. 

There are No Baby Steps in Sales.

During the first nine months of 2012, net gain on life settlements including non-controlling interest was $5.3 million compared to $48.3 million a year ago. Operating earnings(1) included gain on life settlement contracts of $2.2 million, net of non-controlling interest, compared to $27.4 million for the first nine months of 2011.

Loss and loss adjustment expense totaled $667.4 million, an increase of $183.3 million from $484.1 million for the first nine months of 2011 and resulted in a loss ratio of 64.5% compared with 65.6% for the first nine months of 2011.

Acquisition costs and other underwriting expenses of $397.5 million increased $113.4 million from $284.1 million for the first nine months of 2011. Acquisition costs and other underwriting expenses less ceding commissions totaled $256.8 million compared with $172.3 million for the first nine months of 2011. The expense ratio was 24.8%, compared to 23.4% for the first nine months of 2011.

Other expenses of $110.3 million increased $47.5 million from $62.8 million for the first nine months of 2011.

Total assets of $6.8 billion increased 19.1% from $5.7 billion as of December 31, 2011. Total cash, cash equivalents and investments of $2.6 billion increased $493.8 million, or 23.7%, from $2.1 billion as of December 31, 2011. Shareholders' equity of $1.1 billion increased 20.6% from $890.6 million as of December 31, 2011.

During the nine months of 2012, the Board of Directors declared dividends totaling $0.29 per share. In addition, during the third quarter 2012, the Board of Directors declared a 10% stock dividend. As of September 30, 2012, the Company's long-term debt-to-capitalization ratio was 21.9% compared with 23.9% as of December 31, 2011.

Subsequent Event

On October 31, 2012, the Company announced an agreement to acquire Car Care Plan (Holdings) Limited (CCPH) from Ally Insurance Holdings, Inc. for approximately $70 million. CCPH provides a variety of warranty related insurance and administrative services to major auto manufacturers. CCPH has operations in the UK, Europe, North America, China and Brazil. CCPH has total assets of over $360 million. Over the next year, CCPH is expected to generate revenue of $140 million including fee income of over $30 million and at least $14 million in pre-tax profits. The transaction is expected to close in the first quarter of 2013.

(1) References to operating earnings, operating diluted EPS, and operating return on equity are non-GAAP financial measures defined by the Company as net income, diluted earnings per share and return on equity excluding after-tax net realized investment gain and loss on securities, non-cash amortization of certain intangible assets, non-cash interest on convertible senior notes net of tax, foreign currency transaction gain and loss and gain on acquisition net of tax. Please see the Non-GAAP Financial Measures table at the end of this release for important information about the use of these non-GAAP measures and their reconciliation to GAAP.

(2) In September 2012, the Company paid a ten percent stock dividend. As a result, prior year's weighted average common shares outstanding, diluted shares outstanding, earnings per share, diluted earnings per share and operating diluted earnings per share have been adjusted. The dividend resulted in a reduction of $0.02 for each earnings per share calculation for both periods presented in 2011. Additionally in 2011, earnings per share were positively impacted by $0.03 for a retrospective gain on a pre-tax basis of $5.9 million, or $3.8 million after-tax, which was adjusted from a pre-tax gain of $2.7 million, or $1.7 million after-tax, on the acquisition of Majestic during the third quarter of 2011.

Conference Call:

On November 6, 2012 at 9 a.m. ET, CEO Barry Zyskind and CFO Ron Pipoly will review these results via a conference call and webcast that may be accessed as follows:

Toll-Free Dial-in: 877.755.7421

Toll Dial-in (Outside the U.S): 973.200.3087

Webcast registration: http://ir.amtrustgroup.com/events.cfm

A replay of the conference call will be available at approximately 12:00 p.m. ET Tuesday, November 6, 2012 through Tuesday, November 13, 2012. To listen to the replay, please dial 800.585.8367 (within the U.S.) or 404.537.3406 (outside the U.S.) and enter replay passcode 59445478, or access http://ir.amtrustgroup.com/events.cfm.

About AmTrust Financial Services, Inc.

AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage. For more information about AmTrust, visit www.amtrustgroup.com, or call AmTrust toll-free at 855-327-2223.

The AmTrust Financial Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3280

Forward Looking Statements

This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, non-receipt of expected payments from insureds or reinsurers, changes in interest rates, a downgrade in the financial strength ratings of our insurance subsidiaries, the effect of the performance of financial markets on our investment portfolio, our estimates of the fair value of our life settlement contracts, development of claims and the effect on loss reserves, accuracy in projecting loss reserves, the cost and availability of reinsurance coverage, the effects of emerging claim and coverage issues, changes in the demand for our products, our degree of success in integrating acquired businesses, the effect of general economic conditions, state and federal legislation, regulations and regulatory investigations into industry practices, risks associated with conducting business outside the United States, developments relating to existing agreements, disruptions to our business relationships with Maiden Holdings, Ltd., American Capital Acquisition Corporation, or third party agencies and warranty administrators, difficulties with technology or breaches in data security, heightened competition, changes in pricing environments, and changes in asset valuations. The forward-looking statements contained in this news release are made only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statements except as may be required by law. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected, is contained in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly reports on Form 10-Q.

AFSI-F

AmTrust Financial Services, Inc.
Income Statement
(in thousands, except per share data)
(Unaudited)
         
 Three Months Ended
September 30,

Nine Months Ended
September 30,
 2012201120122011
Gross written premium$736,556$561,222$1,975,681$1,563,711
         
Net written premium$483,659$321,903$1,235,025$931,603
Change in unearned premium (96,212) (33,055) (199,560) (194,135)
Net earned premium 387,447 288,848 1,035,465 737,468
Ceding commission (primarily related party) 49,860 40,732 140,684 111,830
Service and fee income 44,561 28,815 118,110 78,546
Investment income, net 18,429 14,456 49,291 41,815
Net realized gain (loss) 2,213 550 3,768 1,581
Commission and other revenues 115,063 84,553 311,853 233,772
Total revenue 502,510 373,401 1,347,318 971,240
Loss and loss adjustment expense 255,646 185,352 667,362 484,056
Acquisition costs and other underwriting expense 143,736 113,270 397,474 284,084
Other expense 42,337 24,045 110,296 62,805
  441,719 322,667 1,175,132 830,945
Income before other, provision for income taxes, equity in earnings of unconsolidated subsidiary and non-controlling interest 60,791 50,734 172,186 140,295
Other income (expense):        
Interest expense (7,218) (3,946) (21,303) (12,034)
Foreign currency gain (loss) (951) (4,063) (2,985) (1,827)
Bargain purchase on Majestic transaction 5,850 5,850
Net gain on life settlement contracts 3,251 6,822 5,302 48,346
  (4,918) 4,663 (18,986) 40,335
Income before provision for income taxes, equity in earnings of unconsolidated subsidiary and non-controlling interest 55,873 55,397 153,200 180,630
Provision for income taxes (1) 13,187 14,297 36,106 30,623
Equity in earnings of unconsolidated subsidiary (related party) (1) 3,207 (918) 8,659 3,415
Net income 45,893 40,182 125,753 153,422
Non-controlling interest (1) (2,663) (3,016) (3,079) (20,911)
Net income attributable to Amtrust Financial Services, Inc.$43,230$37,166$122,674$132,511
Operating earnings attributable to Amtrust Financial Services, Inc.(2)$48,796$42,198$138,219$138,754
Earnings per common share:        
 Basic earnings per share$0.69$0.60$2.01$2.19
 Diluted earnings per share$0.66$0.58$1.93$2.13
 Operating diluted earnings per share (3)$0.75$0.66$2.17$2.23
Weighted average number of basic shares outstanding 62,345 61,668 60,901 60,374
Weighted average number of diluted shares outstanding 65,124 63,652 63,416 62,093
Combined ratio 90.2% 89.3% 89.2% 89.0%
Return on equity 16.7% 17.9% 16.6% 22.7%
Operating return on equity (4) 18.8% 20.3% 18.8% 23.8%
Reconciliation of net realized gain (loss):        
Other-than-temporary investment impairments $ $$(1,208)$(345)
Impairments recognized in other comprehensive income
  (1,208) (345)
Net realized gain on sale of investments 2,213 550 4,976 1,926
Net realized gain$2,213$550$3,768$1,581
 
AmTrust Financial Services, Inc.
Balance Sheet Highlights
(in thousands)
(Unaudited)
     
     
 September 30,
2012
December 31,
2011
Cash, cash equivalents and investments$2,580,423$2,086,638
Premiums receivables 1,038,495 932,992
Goodwill and intangible assets, net 417,113 314,616
Total assets 6,766,034 5,678,747
Loss and loss expense reserves 2,247,118 1,879,175
Unearned premium 1,709,185 1,366,170
Trust preferred securities 123,714 123,714
Convertible senior notes 160,507 138,506
AmTrust's stockholders' equity 1,074,310 890,563
Book value per share$16.01$13.47
 
AmTrust Financial Services, Inc.
 Non-GAAP Financial Measures
(in thousands, except per share data)
(Unaudited)
         
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2012201120122011
Reconciliation of net income attributable to AmTrust Financial Services, Inc. to operating earnings attributable to AmTrust Financial Services, Inc.:        
Net income attributable to Amtrust Financial Services, Inc.$43,230$37,166$122,674$132,511
Less:  Net realized gain (loss) net of tax 1,438 358 2,449 1,028
Foreign currency transaction gain (loss) (951) (4,063) (2,985) (1,827)
Gain on investment in unconsolidated subsidiary net of tax (5) (2,349) (2,349)
Gain on Majestic transaction net of tax (6) 3,803 3,803
Non cash interest on convertible senior notes net of tax (2,325) (3,218)
Non cash amortization of certain intangible assets (3,728) (2,781) (11,791) (6,898)
Operating earnings attributable to AmTrust Financial Services, Inc.(2)$48,796$42,198$138,219$138,754
         
Reconciliation of diluted earnings per share to diluted operating earnings per share:        
Diluted earnings per share$0.66$0.58$1.93$2.13
Less:  Net realized gain (loss) net of tax 0.02 0.04 0.02
Foreign currency transaction gain (loss) (0.02) (0.06) (0.05) (0.03)
Gain on investment in unconsolidated subsidiary net of tax  (0.04) (0.04)
Gain on Majestic transaction net of tax 0.06 0.06
Non cash interest convertible senior notes net of tax (0.04) (0.05)
Non cash amortization of certain intangible assets (0.05) (0.04) (0.18) (0.11)
Operating diluted earnings per share (3)$0.75$0.66$2.17$2.23
         
Reconciliation of return on equity to operating return on equity:        
Return on equity 16.7% 17.9% 16.6% 22.7%
Less: Net realized gain (loss) net of tax 0.5% 0.1% 0.4% 0.2%
Foreign currency transaction gain (loss) (0.4)% (1.9)% (0.4)% (0.3)%
Gain on investment in unconsolidated subsidiary net of tax (1.1)% (0.4)%
Gain on Majestic transaction net of tax  1.8% 0.7%
Non cash interest convertible senior notes net of tax (0.9)% (0.5)%
Non cash amortization of certain intangible assets (1.3)% (1.3)% (1.7)% (1.3)%
Operating return on equity (4) 18.8% 20.3% 18.8% 23.8%
         
(1)  Prior year amounts have been reclassed to present the Company's non-controlling interest related to income on life settlement contracts on a pre-tax basis and the provision for income taxes has been reduced for an equivalent amount. Additionally, prior year amounts have been reclassed to present the Company's income from life settlement contracts included in its 21.25% ownership percentage of ACAC on a net basis. The impact of these reclasses reduced the Company's provision for income taxes by $8,142, reduced equity in earnings of unconsolidated subsidiaries by $3,338 and increased non-controlling interest by $4,804 for the nine months ended September 30, 2011. There was no overall impact on net income attributable to AmTrust Financial Services, Inc.
(2)  Operating earnings is a non-GAAP financial measure defined by the Company as net income less net realized investment gain (loss) net of tax, foreign currency transaction gain (loss), gain on investment in unconsolidated subsidiary net of tax, gain on Majestic transaction net of tax, non cash interest on convertible senior notes net of tax and non cash amortization of certain intangible assets and should not be considered an alternative to net income. The Company's management believes that operating earnings is a useful indicator of trends in the Company's underlying operations because it provides a more meaningful representation of the Company's earnings power. The Company's measure of operating earnings may not be comparable to similarly titled measures used by other companies.
(3)  Operating diluted earnings per share is a non-GAAP financial measure defined by the Company as net income less realized investment gain (loss) net of tax, foreign currency transaction gain (loss), gain on investment in unconsolidated subsidiary net of tax, gain on Majestic transaction net of tax, non cash interest on convertible senior notes net of tax and non cash amortization of certain intangible assets divided by the weighted average diluted shares outstanding for the period and should not be considered an alternative to diluted earnings per share. The Company's management believes that operating diluted earnings per share is a useful indicator of trends in the Company's underlying operations because it provides a more meaningful representation of the Company's earnings power. The Company's measure of operating diluted earnings per share may not be comparable to similarly titled measures used by other companies.
(4)  Operating return on equity is a non-GAAP financial measure defined by the Company as net income less realized investment gain (loss) net of tax, foreign currency transaction gain (loss), gain on investment in unconsolidated subsidiary net of tax, gain on Majestic transaction net of tax, non cash interest on convertible senior notes net of tax and non cash amortization of certain intangible assets divided by the average shareholders' equity for the period and should not be considered an alternative to return on equity. The Company's management believes that operating return on equity is a useful indicator of trends in the Company's underlying operations because it provides a more meaningful representation of the Company's earnings power. The Company's measure of operating return on equity may not be comparable to similarly titled measures used by other companies.
(5)  In 2011, the Company recorded its final purchase price adjustment related to ACAC's 2010 purchase of GMAC's consumer property and casualty insurance business. The Company originally recorded an after tax gain of $6,792 related to this acquisition in 2010. ACAC finalized its purchase price accounting in 2011 and the Company's gain on acquisition was reduced by $2,349 on an after tax basis. As required under GAAP, the Company recorded this adjustment in 2011 and included it as part of equity in earnings of unconsolidated subsidiary (related party), which was $(918) and $3,415 for the three and nine months ended September 30, 2011. This purchase price adjustment is not included in the Company's calculation of operating earnings. 
(6)  The Company recorded a gain of $5,850 and after tax gain of $3,803 related to the renewal rights transaction with Majestic Insurance.
 
AmTrust Financial Services, Inc.
 Segment Information
(in thousands, except percentages)
(Unaudited)
         
         
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2012201120122011
Gross Written Premium:        
Small Commercial Business$243,603$145,418$690,081$460,741
Specialty Risk and Extended Warranty 260,415 256,493 767,114 749,743
Specialty Program 202,280 132,621 428,796 275,951
Personal Lines Reinsurance 30,258 26,690 89,690 77,276
 $736,556$561,222$1,975,681$1,563,711
Net Written Premium:        
Small Commercial Business$133,492$79,070$356,652$269,942
Specialty Risk and Extended Warranty 137,106 149,238 450,526 438,963
Specialty Program 182,803 66,905 338,157 145,422
Personal Lines Reinsurance 30,258 26,690 89,690 77,276
 $483,659$321,903$1,235,025$931,603
Net Earned Premium:        
Small Commercial Business$123,806$89,877$309,702$225,772
Specialty Risk and Extended Warranty 115,735 126,784 392,915 320,992
Specialty Program 119,243 46,947 249,772 117,855
Personal Lines Reinsurance 28,663 25,240 83,076 72,849
 $387,447$288,848$1,035,465$737,468
Loss Ratio:        
Small Commercial Business 66.0% 62.0% 65.0% 63.1%
Specialty Risk and Extended Warranty 62.9% 65.5% 61.6% 67.5%
Specialty Program 69.3% 64.7% 68.3% 66.6%
Personal Lines Reinsurance 64.5% 64.0% 64.5% 64.0%
Total 66.0% 64.2% 64.5% 65.6%
Expense Ratio:        
Small Commercial Business 24.6% 28.7% 26.8% 26.7%
Specialty Risk and Extended Warranty 19.8% 19.1% 19.5% 17.4%
Specialty Program 26.6% 30.5% 28.8% 27.5%
Personal Lines Reinsurance 30.5% 32.5% 30.5% 32.5%
Total 24.2% 25.1% 24.8% 23.4%
Combined Ratio:        
Small Commercial Business 90.6% 90.7% 91.8% 89.8%
Specialty Risk and Extended Warranty 82.7% 84.7% 81.1% 84.9%
Specialty Program 95.9% 95.2% 97.1% 94.1%
Personal Lines Reinsurance 95.0% 96.5% 95.0% 96.5%
Total 90.2% 89.3% 89.2% 89.0%
CONTACT: AmTrust Financial Services, Inc.

         Investor Relations
         Elizabeth Malone CFA
         beth.malone@amtrustgroup.com
         646.413.2995

         Hilly Grosshilly.gross@amtrustgroup.com
         646.458.7925

company logo

Source: AmTrust Financial Services, Inc.
Copyright: 2012 GlobeNewswire, Inc.
Wordcount: 4224



USER COMMENTS:


  More Newswires

More Newswires >>
  Most Popular Newswires

More Popular Newswires >>
Hot Off the Wires  Hot off the Wires

More Hot News >>

insider icon Denotes premium content. Learn more about becoming an Insider here.
There are No Baby Steps in Sales.