Book Value Per Share of
$13.97, Up 16.2% Since Year-end 2010
Third Quarter 2011 Financial Highlights
- Operating diluted EPS (1) of $0.68 ($0.06 attributable to gain
on life settlement contracts) compared to $0.58 in the third
quarter 2010
- Annualized operating return on equity of 20.3%(1) and
annualized return on equity of 16.9%
- Gross written premium of $561.2 million, up 65.5%, and net
earned premium of $288.8 million, up 51.3% from third quarter
2010
- Commission and other revenues of $84.6 million, up 7.4% from
third quarter 2010
- Operating earnings (1) of $42.2 million, up 18.1% from third
quarter 2010
- Net income of $35.1 million compared to $39.3 million from
third quarter 2010
- Diluted EPS of $0.57 compared to $0.64 in the third quarter
2010
- Combined ratio of 89.3% compared to 86.3% in the third quarter
2010
- YTD annualized operating return on equity of 23.8%(1) and
annualized return on equity of 22.4%
- YTD gross written premium of $1.56 billion, up 44.0%, and net
earned premium of $737.5 million, up 37.8% over the first nine
months of 2010
- YTD operating earnings(1) of $138.8 million, up 33.6% from the
first nine months of 2010
- YTD operating diluted EPS(1) of $2.25 ($0.39 attributable to
gain on life settlement contracts) compared with $1.72 in the first
nine months of 2010
- YTD net income of $130.4 million, up 19.9% from the first nine
months of 2010
- YTD diluted EPS of $2.12 compared with $1.80 in the first nine
months of 2010
- YTD combined ratio of 89.0% compared to 84.4% in the first nine
months of 2010
- Book value per share of $13.97, up from $12.03 at year-end
2010
AmTrust Financial Services, Inc. (Nasdaq:AFSI) today reported third
quarter 2011 operating earnings (1) of $42.2 million, or $0.68 per
diluted share up from $35.7 million, or $0.58 per diluted share, in
the third quarter of 2010. Net income totaled $35.1 million, or
$0.57 per diluted share for the third quarter of 2011 up from $39.3
million, or $0.64 per diluted share in the third quarter of
2010.
During the first nine months of 2011, operating earnings (1)
totaled $138.8 million, or $2.25 per diluted share, up from $103.8
million, or $1.72 per diluted share, in the first nine months of
2010. Net income totaled $130.4 million or $2.12 per diluted share,
up from $108.8 million or $1.80 per diluted share, in the first
nine months of 2010.
Third Quarter 2011 Results
Total revenue of $373.4 million increased $103.8 million, or
38.5%, from $269.6 million in the third quarter of 2010. Gross
written premium of $561.2 million rose $222.1 million, or 65.5%,
from third quarter 2010. Net written premium of $321.9 million
increased $139.1 million, or 76.1%, from $182.8 million in the
third quarter of 2010. Net earned premium of $288.8 million
increased $98.0 million, or 51.3%, from $190.9 million in the third
quarter of 2010.
Commission and other revenues of $84.6 million increased $5.8
million, or 7.4%, from third quarter 2010 and represented 22.6% of
total revenue. The combined ratio totaled 89.3% compared with 86.3%
in the third quarter of 2010.
Ceding commissions, primarily related to the quota-share
agreements with Maiden Holdings, Ltd. ("Maiden"), totaled $40.7
million, up 7.5% from $37.9 million a year ago. During the quarter,
AmTrust ceded $173.2 million of gross written premium and $160.2
million of earned premium to Maiden compared to $109.5 million of
gross written premium and $120.6 million of earned premium ceded in
the third quarter of 2010.
Total service and fee income of $28.8 million increased 28.5%
from $22.4 million in the third quarter of 2010 and included $4.2
million from related parties compared with $3.3 million in the
third quarter of 2010.
Investment income, excluding net realized gains and losses,
totaled $14.5 million, an increase of 32% from $11.0 million in the
third quarter of 2010. 2011 third quarter results also include net
realized investment gains of $550,000, or $360,000 after-tax, on
certain fixed income and equity investments compared with $7.5
million, or $4.8 million after-tax, in the third quarter of
2010.
Gain on life settlements including non-controlling interest, was
$6.8 million, for the third quarter of 2011. The gain
included a net benefit of $7.1 million from a mortality event
partially offset by a net increase in life settlement reserves of
$300,000. Operating earnings (1) included $3.4 million, net
of non-controlling interest, related to gains on life settlement
contracts.
Loss and loss adjustment expense totaled $185.4 million, an
increase of $64.9 million from $120.4 million in the third quarter
of 2010 and resulted in a loss ratio of 64.2% compared with 63.1%
for the third quarter of 2010.
Acquisition costs and other underwriting expense of $113.3
million increased $31.1 million from the third quarter of 2010.
Acquisition costs and other underwriting expenses less ceding
commissions totaled $72.5 million compared with $44.2 million in
the year ago quarter. The expense ratio was 25.1%, up from 23.2% in
the third quarter of 2010.
Other expense of $24.0 million increased $3.8 million from $20.2
million in the third quarter of 2010.
Year-to-Date 2011 Results
Total revenue of $971.2 million increased $251.4 million, or
34.9%, from $719.8 million in the first nine months of 2010. Gross
written premium of $1.56 billion rose $477.8 million, or 44%,
compared to $1.09 billion a year ago. Net written premium of $931.6
million increased $363.0 million, or 63.8%, from $568.6 million in
the first nine months of 2010. Net earned premium of $737.5 million
increased $202.2 million, or 37.8%, from $535.2 million in the
first nine months of 2010.
Commission and other revenues of $233.8 million increased $49.2
million, or 26.7%, compared to the first nine months of 2010 and
represented 24.1% of total revenue. The combined ratio totaled
89.0% compared with 84.4% in the first nine months of 2010.
Ceding commissions, primarily related to the quota-share
agreements with Maiden, totaled $111.8 million, up 8.4% from $103.1
million a year ago. During the first nine months of 2011, AmTrust
ceded $513.9 million of gross written premium and $410.8 million of
earned premium to Maiden compared to $336.0 million of gross
written premium and $329.3 million of earned premium ceded in the
same period in 2010.
Total service and fee income of $78.5 million increased 98.8%
from $39.5 million in the first nine months of 2010 and included
$12.1 million from related parties compared with $8.9 million in
the first nine months of 2010.
Investment income, excluding net realized gains and losses,
totaled $41.8 million, an increase of 6.6% from $39.2 million in
the first nine months of 2010. 2011 year-to-date results also
include net realized investment gains of $1.6 million, or $1.0
million after-tax, on certain fixed income and equity investments
compared with gains of $2.7 million, or $1.8 million after-tax, in
the first nine months of 2010. Additionally, operating
earnings (1) included $24.2 million, net of non-controlling
interest, related to gains on life settlement contracts.
Loss and loss adjustment expense totaled $484.1 million, an
increase of $152.3 million from $331.8 million in the first nine
months of 2010 and resulted in a loss ratio of 65.6% compared with
62.0% for the first nine months of 2010.
Acquisition costs and other underwriting expense of $284.1
million increased $61.0 million as compared to the first nine
months of 2010. Acquisition costs and other underwriting expenses
less ceding commissions totaled $172.3 million compared with $120.0
million in the first nine months of 2010. The expense ratio was
23.4%, up from 22.4% in the first nine months of 2010.
Other expense of $62.8 million increased $27.0 million from
$35.8 million in the first nine months of 2010, largely reflecting
the effect of the Warrantech and Risk Services acquisitions during
the first nine months of 2010.
Total assets of $5.4 billion increased 29.6% from $4.2 billion
at December 31, 2010 and included a 31.7% increase in cash, cash
equivalents and investments to $2.0 billion. AmTrust Financial
shareholders' equity of $837.9 million increased 16.9% from $716.5
million at year-end 2010.
During the first nine months of 2011, the Board of Directors
declared dividends totaling $0.25 per share. As of September 30,
2011, the Company's long-term, debt-to-capitalization ratio was
17.1% compared with 16.8% at year-end 2010.
(1) References to operating earnings, operating diluted EPS, and
operating return on equity are non-GAAP financial measures defined
by the Company as results excluding after-tax net realized
investment gains and losses on securities, non-cash amortization of
certain intangible assets, foreign currency transaction gain and
loss, bargain purchase gain and gain on investments in
unconsolidated subsidiary. 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.
Conference Call:
On November 1, 2011 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 1, 2011 through
November 8, 2011. To listen to the replay, please dial 855.859.2056
(within the U.S.) or 404.537.3406 (outside the U.S.) and enter
replay passcode 19862328, 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
866.203.3037.
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, 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,
successful integration of acquired businesses, the effect of
general economic conditions, adverse 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, 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, |
| |
2011 |
2010 |
2011 |
2010 |
| |
|
|
|
|
| Gross written premium |
$ 561,222 |
$ 339,084 |
$ 1,563,711 |
$ 1,085,957 |
| |
|
|
|
|
| Premium income |
|
|
|
|
| Net written premium |
$ 321,903 |
$ 182,837 |
$ 931,603 |
$ 568,644 |
| Change in unearned premium |
(33,055) |
8,048 |
(194,135) |
(33,398) |
| Net earned premium |
288,848 |
190,885 |
737,468 |
535,246 |
| |
|
|
|
|
| Ceding commission (primarily related
party) |
40,732 |
37,903 |
111,830 |
103,109 |
| Service and fee income |
28,815 |
22,418 |
78,546 |
39,505 |
| Investment income, net |
14,456 |
10,952 |
41,815 |
39,237 |
| Net realized gains (loss) |
550 |
7,460 |
1,581 |
2,701 |
| Commission and other revenues |
84,553 |
78,733 |
233,772 |
184,552 |
| |
|
|
|
|
| Total revenue |
373,401 |
269,618 |
971,240 |
719,798 |
| |
|
|
|
|
| Loss and loss adjustment expense |
185,352 |
120,432 |
484,056 |
331,763 |
| Acquisition costs and other underwriting
expense |
113,270 |
82,152 |
284,084 |
223,077 |
| Other expense |
24,045 |
20,210 |
62,805 |
35,780 |
| |
322,667 |
222,794 |
830,945 |
590,620 |
| |
|
|
|
|
| Income before other, provision for income
taxes, equity in earnings of unconsolidated subsidiaries and
non-controlling interest |
50,734 |
46,824 |
140,295 |
129,178 |
| |
|
|
|
|
| Other income (expense): |
|
|
|
|
| Foreign currency gain (loss) |
(4,063) |
(141) |
(1,827) |
(103) |
| Interest expense |
(3,946) |
(3,410) |
(12,034) |
(10,045) |
| Bargain purchase on Majestic transaction |
2,665 |
-- |
2,665 |
-- |
| Income from life settlement contracts |
6,822 |
11,855 |
48,346 |
11,855 |
| |
1,478 |
8,304 |
37,150 |
1,707 |
| |
|
|
|
|
| Income before
provision for income taxes, equity in earnings of unconsolidated
subsidiaries and non-controlling interest |
52,212 |
55,128 |
177,445 |
130,885 |
| |
|
|
|
|
| Provision for income taxes |
(13,182) |
(13,935) |
(29,508) |
(37,942) |
| Equity in earnings of unconsolidated
subsidiaries (related parties) |
(447) |
4,030 |
6,753 |
21,803 |
| Non-controlling interest |
(3,487) |
(5,927) |
(24,249) |
(5,927) |
| Net income |
$ 35,096 |
$ 39,296 |
$ 130,441 |
$ 108,819 |
| |
|
|
|
|
| Operating earnings (3) |
$ 42,199 |
$ 35,736 |
$ 138,755 |
$ 103,846 |
| |
|
|
|
|
| Earnings per common share: |
|
|
|
|
| Basic earnings per share |
$ 0.59 |
$ 0.65 |
$ 2.18 |
$ 1.82 |
| Diluted earnings per share |
$ 0.57 |
$ 0.64 |
$ 2.12 |
$ 1.80 |
| Operating diluted earnings per share (4) |
$ 0.68 |
$ 0.58 |
$ 2.25 |
$ 1.72 |
| |
|
|
|
|
| Weighted average number of basic shares
outstanding |
59,955 |
59,490 |
59,802 |
59,420 |
| Weighted average number of diluted shares
outstanding |
61,884 |
60,375 |
61,505 |
60,270 |
| |
|
|
|
|
| Combined ratio |
89.3% |
86.3% |
89.0% |
84.4% |
| |
|
|
|
|
| Return on equity |
16.9% |
23.5% |
22.4% |
22.9% |
| Operating return on equity (5) |
20.3% |
21.1% |
23.8% |
21.4% |
| |
|
|
|
|
| Reconciliation of net realized losses: |
|
|
|
|
| Other-than-temporary investment
impairments |
$ -- |
$ (4,051) |
$ (345) |
$ (21,196) |
| Impairments recognized in other
comprehensive income |
-- |
-- |
-- |
-- |
| |
-- |
(4,051) |
(345) |
(21,196) |
| Net realized gains on sale of
investments |
550 |
11,511 |
1,926 |
23,897 |
| Net realized gains |
$ 550 |
$ 7,460 |
$ 1,581 |
$ 2,701 |
| |
|
|
|
| AmTrust Financial
Services, Inc. |
| Balance Sheet
Highlights |
| (in
thousands) |
|
(Unaudited) |
| |
|
|
|
| |
September 30, |
December 31, |
|
| |
2011 |
2010 |
|
| |
|
|
|
| Cash, cash equivalents and investments |
$ 2,037,330 |
$ 1,558,961 |
|
| Premiums receivables |
847,410 |
727,561 |
|
| Goodwill and intangible assets |
292,730 |
197,826 |
|
| Total assets |
5,419,349 |
4,182,453 |
|
| Loss and loss expense reserves |
1,782,953 |
1,263,537 |
|
| Unearned premium |
1,274,562 |
1,024,965 |
|
| Trust preferred securities |
123,714 |
123,714 |
|
| AmTrust's stockholders' equity |
$ 837,916 |
$ 716,514 |
|
| |
|
|
|
|
| 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, |
| |
2011 |
2010 |
2011 |
2010 |
| |
|
|
|
|
| Reconciliation of net income to operating
earnings: |
|
|
|
|
| Net income |
$ 35,096 |
$ 39,296 |
$ 130,441 |
$ 108,819 |
| Less: Net realized gains (loss) net of
tax |
358 |
4,849 |
1,028 |
1,756 |
| Gain on investment in unconsolidated
subsidiary net of tax (1) |
(2,349) |
-- |
(2,349) |
6,792 |
| Gain on Majestic transaction net of tax
(2) |
1,732 |
-- |
1,732 |
-- |
| Foreign currency transaction gain (
loss) |
(4,063) |
(141) |
(1,827) |
(103) |
| Non cash amortization of certain
intangible assets |
(2,781) |
(1,148) |
(6,898) |
(3,472) |
| Operating earnings (3) |
$ 42,199 |
$ 35,736 |
$ 138,755 |
$ 103,846 |
| |
|
|
|
|
| Reconciliation of diluted earnings per share
to diluted operating earnings per share: |
|
|
|
|
| Diluted earnings per share |
$ 0.57 |
$ 0.64 |
$ 2.12 |
$ 1.80 |
| Less: Net realized gains (loss) net of
tax |
-- |
0.08 |
0.02 |
0.03 |
| Gain on investment in unconsolidated
subsidiary net of tax |
(0.04) |
-- |
(0.04) |
0.11 |
| Gain on Majestic transaction net of
tax |
0.03 |
-- |
0.03 |
-- |
| Foreign currency transaction gain and
loss |
(0.06) |
-- |
(0.03) |
-- |
| Non cash amortization of certain
intangible assets |
(0.04) |
(0.02) |
(0.11) |
(0.06) |
| Operating diluted earnings per share (4) |
$ 0.68 |
$ 0.58 |
$ 2.25 |
$ 1.72 |
| |
|
|
|
|
| |
|
|
|
|
| Reconciliation of return on equity to
operating return on equity: |
|
|
|
|
| Return on equity |
16.9% |
23.5% |
22.4% |
22.9% |
| Less: Net realized gains (loss) net of
tax |
0.1% |
2.8% |
0.2% |
0.3% |
| Gain on investment in unconsolidated
subsidiary net of tax |
(1.1)% |
--% |
(0.4)% |
1.4% |
| Gain on Majestic transaction net of
tax |
0.8% |
--% |
0.3% |
--% |
| Foreign currency transaction gain and
loss |
(1.9)% |
--% |
(0.3)% |
--% |
| Non cash amortization of certain
intangible assets |
(1.3)% |
(0.4)% |
(1.2)% |
(0.7)% |
| Operating return on equity (5) |
20.3% |
21.1% |
23.8% |
21.9% |
| |
|
|
|
|
| (1) 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 impact of the
Company's gain on acquisition was reduced by $2,349 on an
after tax basis. As required under GAAP, the Company has
recorded this adjustment in 2011 and included it as part
of equity in earnings of unconsolidated subsidiaries (related
parties), which was $(477) and $6,753 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. |
| |
|
|
|
|
| (2) The Company recorded a
gain of $2,665 and after tax gain of $1,732 related to the renewal
rights transaction with Majestic insurance. |
| |
|
|
|
|
| (3) Operating earnings is a
non-GAAP financial measure defined by the Company as net income
less after-tax realized investment gains and losses, gain on
investment in unconsolidated subsidiary net of tax, certain
amortization expense and foreign currency transaction gain or loss
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 Company's earnings
power. The Company's measure of operating earnings may not be
comparable to similarly titled measures used by other
companies. |
| |
|
|
|
|
| (4) Diluted operating
earnings per share is a non-GAAP financial measure defined by the
Company as net income less after-tax net realized investment gains
and losses, gain on investment in unconsolidated subsidiary net of
tax, certain amortization expense and foreign currency transaction
gain or loss 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 diluted operating 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 diluted
operating earnings per share may not be comparable to similarly
titled measures used by other companies. |
| |
|
|
|
|
| (5) Operating return on
equity is a non-GAAP financial measure defined by the Company as
net income less net after-tax realized investment gains and losses,
gain on investment in unconsolidated subsidiary net of tax,
certain amortization expense and foreign currency transaction gain
or loss 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. |
| |
|
|
|
|
| AmTrust Financial
Services, Inc. |
| Segment
Information |
| (in thousands, except
percentages) |
|
(Unaudited) |
| |
|
|
|
|
| |
Three
Months Ended September 30, |
Nine Months
Ended September 30, |
| |
2011 |
2010 |
2011 |
2010 |
| Gross written premium |
|
|
|
|
| Small Commercial Business |
$ 145,418 |
$ 107,838 |
$ 460,741 |
$ 338,140 |
| Specialty Risk and Extended Warranty |
256,493 |
146,155 |
749,743 |
495,799 |
| Specialty Program |
132,621 |
60,568 |
275,951 |
192,935 |
| Personal Lines Reinsurance |
26,690 |
24,523 |
77,276 |
59,083 |
| |
$ 561,222 |
$ 339,084 |
$ 1,563,711 |
$ 1,085,957 |
| |
|
|
|
|
| Net written premium |
|
|
|
|
| Small Commercial Business |
$ 79,070 |
$ 56,386 |
$ 269,942 |
$ 173,875 |
| Specialty Risk and Extended Warranty |
149,238 |
78,377 |
438,963 |
238,642 |
| Specialty Program |
66,905 |
23,551 |
145,422 |
97,044 |
| Personal Lines Reinsurance |
26,690 |
24,523 |
77,276 |
59,083 |
| |
$ 321,903 |
$ 182,837 |
$ 931,603 |
$ 568,644 |
| |
|
|
|
|
| Net earned premium |
|
|
|
|
| Small Commercial Business |
$ 89,877 |
$ 64,415 |
$ 225,772 |
$ 189,279 |
| Specialty Risk and Extended Warranty |
126,784 |
80,901 |
320,992 |
219,252 |
| Specialty Program |
46,947 |
27,379 |
117,855 |
99,172 |
| Personal Lines Reinsurance |
25,240 |
18,190 |
72,849 |
27,543 |
| |
$ 288,848 |
$ 190,885 |
$ 737,468 |
$ 535,246 |
| |
|
|
|
|
| Loss Ratio |
|
|
|
|
| Small Commercial Business |
62.0% |
60.9% |
63.1% |
60.1% |
| Specialty Risk and Extended Warranty |
65.5% |
62.5% |
67.5% |
61.9% |
| Specialty Program |
64.7% |
70.3% |
66.6% |
65.6% |
| Personal Lines Reinsurance |
64.0% |
62.5% |
64.0% |
62.5% |
| Total |
64.2% |
63.1% |
65.6% |
62.0% |
| |
|
|
|
|
| Expense Ratio |
|
|
|
|
| Small Commercial Business |
28.7% |
25.6% |
26.7% |
24.9% |
| Specialty Risk and Extended Warranty |
19.1% |
18.4% |
17.4% |
17.4% |
| Specialty Program |
30.5% |
25.3% |
27.5% |
26.1% |
| Personal Lines Reinsurance |
32.5% |
32.5% |
32.5% |
32.5% |
| Total |
25.1% |
23.2% |
23.4% |
22.4% |
| |
|
|
|
|
| Combined Ratio |
|
|
|
|
| Small Commercial Business |
90.7% |
86.5% |
89.8% |
84.9% |
| Specialty Risk and Extended Warranty |
84.7% |
80.9% |
84.9% |
79.3% |
| Specialty Program |
95.2% |
95.6% |
94.1% |
91.7% |
| Personal Lines Reinsurance |
96.5% |
95.0% |
96.5% |
95.0% |
| Total |
89.3% |
86.3% |
89.0% |
84.4% |
CONTACT: AmTrust Financial Services, Inc.
Investor Relations
Elizabeth Malone CFA
Hilly Gross
New York, New York
646.220.7023
beth.malone@amtrustgroup.com
Amtrust Financial Services, Inc. (delisted) (NASDAQ:AFSI)
Historical Stock Chart
From May 2024 to Jun 2024
Amtrust Financial Services, Inc. (delisted) (NASDAQ:AFSI)
Historical Stock Chart
From Jun 2023 to Jun 2024
