AmTrust Financial Services, Inc. Announces the Acquisition of First Nonprofit Companies, Inc. and the Intent to Acquire Mutual Insurers Holding Company
FNC serves approximately 1,500 nonprofit and government entities. FNC offers unique services as well as insurance programs underwritten by FNIC which are designed to allow nonprofit and government entities to economically manage their unemployment tax obligations.
FNIC is the third largest provider of property & casualty insurance products to nonprofit organizations in the U.S. In 2012, FNIC wrote
"We believe the acquisitions will be accretive to earnings and advance our strategy of focusing on niche, low hazard business. FNC adds to our growing fee income while the proposed acquisition of MIHC and MIHC's subsidiary FNIC provides the Company with insurance capabilities targeted to the nonprofit market. We are confident that incorporating the combined entities into our Company creates an excellent insurance and related product offering to the nonprofit market," said
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
AmTrust Financial Services, Inc.Investor Relations Elizabeth Malone CFA [email protected] 646.458.7924 Hilly Gross[email protected] 646.458.7925
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