Amtrust Financial Services, Inc. - Current report filing (8-K)
June 13 2008 - 12:53PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of
1934
Date
of
Report (Date of Earliest Event Reported)
June
12,
2008
AmTrust
Financial Services, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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001-33143
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04-3106389
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(State
or other jurisdiction
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(Commission
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IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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59
Maiden Lane, 6th Floor, New York, New York
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10038
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
(212)
220-7120
(Former
name or former address, if changed since last report.)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General
Instruction A.2. below):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.133-4 (c))
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Item
1.01
AMENDMENT
OF MATERIAL DEFINITIVE AGREEMENT; ENTRY INTO MATERIAL DEFINITIVE
AGREEMENT
On
June
12, 2008, AmTrust International Insurance, Ltd of Hamilton Bermuda (“AII”), an
affiliate of AmTrust Financial Services, Inc. (“the Company”), and Maiden
Insurance Company, Ltd., of Hamilton, Bermuda (“Maiden Insurance”) amended,
effective as of June 1, 2008, their Quota Share Reinsurance Agreement which
was
entered into effective July 1, 2007. Pursuant to the amendment, AII agrees
to
cede and Maiden Insurance agrees to accept and reinsure Retail Commercial
Package Business, which the Company, through Affiliates, commenced writing
effective June 1, 2008, in connection with its acquisition from Trinity
Universal Insurance Company, a subsidiary of Unitrin, Inc., of its Unitrin
Business Insurance unit (“UBI”). Subject to required regulatory approvals,
effective June 1, 2007, AII will cede 100% of the unearned premium related
to
in-force Retail Commercial Package Business and losses related thereto assumed
by the Company as a result of this acquisition and 40% the Company’s net written
premium and losses on Retail Commercial Package Business written or renewed
on
or after the effective date.
The
$2
million maximum liability for a single loss provided in the Quota Share
Reinsurance Agreement shall not be applicable to Retail Commercial Package
Business.
AmTrust will be paid a ceding commission of 34.375% for
Retail Commercial Package Business subject to the amendment. The Company
previously reported its entry into the Quota Share Reinsurance Agreement between
AII and Maiden Insurance pursuant to a Current Report on Form 8-K filed
September 17, 2007, which is incorporated by reference herein.
Item
9.01
FINANCIAL
STATEMENTS AND EXHIBITS.
Exhibit Number
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Description
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10.1
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Addendum
No. 2 to Quota Share Reinsurance Agreement between AmTrust International
Insurance, LTD Hamilton Bermuda and Maiden Insurance Company, LTD
Hamilton, Bermuda.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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AmTrust
Financial Services, Inc.
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(Registrant)
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Date
June 12, 2008
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/s/
Stephen Ungar
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Stephen
Ungar
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Secretary
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