AmTrust Financial Services, Inc. Announces Closing of $300 Million Private Placement
May 26 2017 - 4:30PM
AmTrust Financial Services, Inc. (Nasdaq:AFSI)
(the “Company” or “AmTrust”) announced today that
it has closed its previously announced private placement of
24,096,384 shares of common stock at a price of $12.45 per share,
resulting in gross proceeds to the Company of US$300 million.
About AmTrust Financial Services,
Inc.
AmTrust Financial Services, Inc., a multinational
insurance holding company headquartered in New York City, offers
specialty property and casualty insurance products, including
workers' compensation, commercial automobile, general liability and
extended service and warranty coverage through its primary
insurance subsidiaries rated "A" (Excellent) by A.M. Best. For more
information about AmTrust visit www.amtrustgroup.com.
Forward-Looking Statements
This news release contains certain forward-looking
statements that are intended to be covered by the safe harbors
created by the Private Securities Litigation Reform Act of 1995.
When we use words such as “anticipate,” “intend,” “plan,”
“believe,” “estimate,” “expect,” or similar expressions, we do so
to identify forward-looking statements. Examples of forward-looking
statements include the plans and objectives of management for
future operations, including those relating to future growth of our
business activities and availability of funds, projections of the
impact of potential errors or misstatements in our financial
statements, and estimates of the impact of material weaknesses in
our internal control over financial reporting, and are based on
current expectations that involve assumptions that are difficult or
impossible to predict accurately and many of which are beyond our
control. 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, the amounts, timing and prices
of any share repurchases made by us under our share repurchase
program, 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, the impact of
known or potential errors or misstatements in our financial
statements, our ability to timely and effectively remediate the
material weaknesses in our internal control over financial
reporting and implement effective internal control over financial
reporting and disclosure controls and procedures in the future,
risks associated with conducting business outside the United
States, the impact of Brexit, developments relating to existing
agreements, disruptions to our business relationships with Maiden
Holdings, Ltd. or National General Holdings Corp., breaches in data
security or other disruptions with our technology, heightened
competition, changes in pricing environments, and changes in asset
valuations. 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 our filings
with the SEC, including our Annual Report on Form 10-K and our
quarterly reports on Form 10-Q. The projections and statements in
this news release speak only as of the date of this release and we
undertake no obligation to update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
For more information, please contact:
AmTrust Financial Services, Inc.
Chaya Cooperberg
Chief Communications Officer & SVP Corporate Affairs
chaya.cooperberg@amtrustgroup.com
646.458.3332
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