Book Value Per Share of $14.82, Up 23.2% Since Year-End
2010
Fourth Quarter and Full Year 2011 Financial
Highlights
- Operating diluted EPS(1) of $0.66 compared to $0.57 in the
fourth quarter 2010
- Annualized operating return on equity(1) of 18.8% and
annualized return on equity of 17.6%
- Gross written premium of $586.8 million, up 23.6%, and net
earned premium of $299.4 million, up 42.3% from fourth quarter
2010
- Commission and other revenues of $87.1 million, up 20.6% from
fourth quarter 2010
- Operating earnings(1) of $40.7 million, up 17.9% from fourth
quarter 2010
- Net income of $37.9 million compared to $33.6 million from
fourth quarter 2010
- Diluted EPS of $0.61 compared to $0.56 in the fourth quarter
2010
- Combined ratio of 89.0% compared to 87.6% in the fourth quarter
2010
- Full year operating return on equity(1) of 22.3% and return on
equity of 21.2%
- Full year gross written premium of $2.15 billion, up 37.8%, and
net earned premium of $1.04 billion, up 39.1% over 2010
- Full year operating earnings(1) of $179.5 million, up 29.7%
from 2010
- Full year operating diluted EPS(1) of $2.91 compared with $2.29
in 2010
- Full year net income of $170.4 million, up 19.6% from 2010
- Full year diluted EPS of $2.77 compared with $2.36 in 2010
- Full year combined ratio of 89.0% compared to 85.3% in
2010
- Book value per share of $14.82, up from $12.03 at year-end
2010
- Fourth quarter results include a $0.01 per diluted share net
loss on life settlement contracts. Full year results include a
$0.38 per diluted share net gain on life settlement contracts
compared with $0.10 per diluted share in 2010
AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company")
today reported fourth quarter 2011 operating earnings (1) of $40.7
million, or $0.66 per diluted share up from $34.5 million, or $0.57
per diluted share, in the fourth quarter of 2010. Net income
totaled $37.9 million, or $0.61 per diluted share for the fourth
quarter of 2011 up from $33.6 million, or $0.56 per diluted share
in the fourth quarter of 2010.
For the full year 2011, operating earnings (1) totaled $179.5
million, or $2.91 per diluted share, up from $138.4 million or
$2.29 per diluted share in 2010. Net income in 2011 totaled $170.4
million, or $2.77 per diluted share, up from $142.5 million or
$2.36 per diluted share in 2010.
Fourth Quarter 2011 Results
Total revenue of $386.5 million increased $103.8 million, or
36.7%, from $282.7 million in the fourth quarter of 2010. Gross
written premium of $586.8 million rose $111.9 million, or 23.6%,
from the fourth quarter in 2010. Net written premium of $345.0
million increased $86.4 million, or 33.4%, from $258.6 million in
the fourth quarter in 2010. Net earned premium of $299.4 million
increased $89.0 million, or 42.3%, from $210.4 million in the
fourth quarter of 2010.
Commission and other revenues of $87.1 million increased $14.9
million, or 20.6%, from the fourth quarter of 2010 and represented
22.5% of total revenue. The combined ratio totaled 89.0% compared
with 87.6% in the fourth quarter of 2010.
Ceding commissions, primarily related to the quota-share
agreements with Maiden Holdings, Ltd. ("Maiden"), totaled $42.1
million, up 19.8% from $35.2 million a year ago. During the
quarter, AmTrust ceded $189.3 million of gross written premium and
$148.8 million of earned premium to Maiden compared to $127.0
million of gross written premium and $112.0 million of earned
premium ceded in the fourth quarter of 2010.
Total service and fee income of $30.1 million increased 33.5%
from $22.6 million in the fourth quarter of 2010 and included $4.6
million from related parties compared with $3.5 million in the
fourth quarter of 2010.
Investment income, excluding net realized gains and losses,
totaled $13.7 million, an increase of 21.5% from $11.3 million in
the fourth quarter of 2010. In addition, fourth quarter 2011
results include net realized investment gains of $1.2 million, or
$771,000 after-tax, on certain fixed income and equity investments
compared with $3.3 million, or $2.1 million after-tax, in the
fourth quarter of 2010.
Loss and loss adjustment expense totaled $194.3 million, an
increase of $54.6 million from $139.7 million in the fourth quarter
of 2010 and resulted in a loss ratio of 64.9% compared with 66.4%
for the fourth quarter of 2010.
Acquisition costs and other underwriting expense of $114.3
million increased $34.6 million from the fourth quarter of 2010.
Acquisition costs and other underwriting expenses less ceding
commissions totaled $72.2 million compared with $44.6 million in
the fourth quarter of 2010. The expense ratio was 24.1%, up from
21.2% in the fourth quarter of 2010.
Other expense of $23.8 million increased $3.2 million from $20.6
million in the fourth quarter of 2010.
Full Year 2011 Results
Total revenue of $1.36 billion increased $355.3 million, or
35.4%, from $1.0 billion in 2010. Gross written premium of $2.15
billion rose $589.7 million, or 37.8%, compared to $1.56 billion a
year ago. Net written premium of $1.28 billion increased $449.4
million, or 54.3%, from $827.2 million in 2010. Net earned premium
of $1.04 billion increased $291.2 million, or 39.1%, from $745.7
million in 2010.
Commission and other revenues of $320.9 million increased $64.1
million, or 25.0%, compared to 2010 and represented 23.6% of total
revenue. The combined ratio totaled 89.0% compared with 85.3% in
2010.
Ceding commissions, primarily related to the quota-share
agreements with Maiden, totaled $154.0 million, up 11.3% from
$138.3 million a year ago. During 2011, AmTrust ceded $703.2
million of gross written premium and $559.6 million of earned
premium to Maiden compared to $463.0 million of gross written
premium and $441.3 million of earned premium ceded in 2010.
Total service and fee income of $108.7 million increased 75.1%
from $62.1 million in 2010 and included $16.7 million from related
parties compared with $12.3 million in 2010.
Investment income, excluding net realized gains and losses,
totaled $55.5 million, an increase of 9.9% from $50.5 million in
2010. In addition, results in 2011 include net realized investment
gains of $2.8 million, or $1.8 million after-tax, on certain fixed
income and equity investments compared with gains of $6.0 million,
or $3.9 million after-tax, in 2010.
Loss and loss adjustment expense totaled $678.3 million, an
increase of $206.8 million from $471.5 million in 2010 and resulted
in a loss ratio of 65.4% compared with 63.2% for 2010.
Acquisition costs and other underwriting expense of $398.4
million increased $95.6 million as compared to 2010. Acquisition
costs and other underwriting expenses less ceding commissions
totaled $244.5 million compared with $164.5 million in 2010. The
expense ratio was 23.6%, up from 22.1% in 2010.
Other expense of $86.6 million increased $30.2 million from
$56.4 million in 2010.
Total assets of $5.7 billion increased 35.9% from $4.2 billion
at December 31, 2010. Total assets in 2011 included a
$523.4 million or a 33.6% increase in cash, cash equivalents and
investments to $2.1 billion. Shareholders' equity of $890.6 million
increased 24.3% from $716.5 million at year-end 2010.
On December 21, 2011, the Company completed the sale of $175
million aggregate principal amount of its 5.50% convertible senior
notes (the "notes") due 2021. The notes will be convertible
into common shares at an initial conversion price of approximately
$31.83 per share of common stock. On January 19, 2012, AmTrust
sold an additional $25 million overallotment of the
notes.
During 2011, the Board of Directors declared dividends totaling
$0.34 per share. As of December 31, 2011, the Company's long-term
debt-to-capitalization ratio was 23.9% 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 net income, diluted earnings per share and return
on equity excluding after-tax net realized investment gains and
losses on securities, non-cash amortization of certain intangible
assets, foreign currency transaction gain and loss, gain on
Majestic transaction and gain or loss 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 February 15, 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 Wednesday, February 15, 2012 through
February 22, 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 47923755, 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, 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,
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 December 31, |
Year Ended
December 31, |
| |
2011 |
2010 |
2011 |
2010 |
| |
|
|
|
|
| Gross written premium |
$586,761 |
$474,865 |
$2,150,472 |
$1,560,822 |
| |
|
|
|
|
| Premium income |
|
|
|
|
| Net written premium |
$344,994 |
$258,581 |
$1,276,597 |
$827,226 |
| Change in unearned
premium |
(45,601) |
(48,168) |
(239,736) |
(81,567) |
| Net earned premium |
299,393 |
210,413 |
1,036,861 |
745,659 |
| |
|
|
|
|
| Ceding commission (primarily related
party) |
42,123 |
35,152 |
153,953 |
138,261 |
| Service and fee income |
30,114 |
22,562 |
108,660 |
62,067 |
| Investment income, net |
13,700 |
11,280 |
55,515 |
50,517 |
| Net realized gains (loss) |
1,187 |
3,252 |
2,768 |
5,953 |
| Commission and other revenues |
87,124 |
72,246 |
320,896 |
256,798 |
| |
|
|
|
|
| Total revenue |
386,517 |
282,659 |
1,357,757 |
1,002,457 |
| |
|
|
|
|
| Loss and loss adjustment expense |
194,277 |
139,718 |
678,333 |
471,481 |
| Acquisition costs and other underwriting
expense |
114,320 |
79,732 |
398,404 |
302,809 |
| Other expense |
23,806 |
20,623 |
86,611 |
56,403 |
| |
332,403 |
240,073 |
1,163,348 |
830,693 |
| |
|
|
|
|
| Income before other, provision for income
taxes, equity in earnings |
|
|
|
|
| of unconsolidated subsidiaries
and non-controlling interest |
54,114 |
42,586 |
194,409 |
171,764 |
| |
|
|
|
|
| Other income (expense): |
|
|
|
|
| Foreign currency gain (loss) |
(591) |
787 |
(2,418) |
684 |
| Interest expense |
(4,045) |
(2,857) |
(16,079) |
(12,902) |
| Acquisition gain on purchase |
-- |
-- |
5,850 |
-- |
| Net gain (loss) on life settlement
contracts |
(1,454) |
-- |
46,892 |
11,855 |
| |
(6,090) |
(2,070) |
34,245 |
(363) |
| |
|
|
|
|
| Income before provision for income taxes,
equity in earnings |
|
|
|
|
| of unconsolidated subsidiaries
and non-controlling interest |
48,024 |
40,516 |
228,654 |
171,401 |
| |
|
|
|
|
| Provision for income taxes |
(11,749) |
(9,111) |
(42,372) |
(47,053) |
| Equity in earnings of unconsolidated
subsidiaries (related parties) |
1,118 |
2,241 |
7,871 |
24,044 |
| Net income |
37,393 |
33,646 |
194,153 |
148,392 |
| Non-controlling interest |
530 |
-- |
(23,719) |
(5,927) |
| Net income attributable to AmTrust Financial
Services, Inc. |
$37,923 |
$33,646 |
$170,434 |
$142,465 |
| |
|
|
|
|
| Operating earnings attributable to AmTrust
Financial Services, Inc. (3) |
$40,697 |
$34,515 |
$179,451 |
$138,362 |
| |
|
|
|
|
| Earnings per common share: |
|
|
|
|
| Basic earnings per
share |
$ 0.63 |
$ 0.57 |
$2.85 |
$2.39 |
| Diluted earnings per
share |
$ 0.61 |
$ 0.56 |
$2.77 |
$2.36 |
| Operating diluted earnings per share (4) |
$ 0.66 |
$ 0.57 |
$2.91 |
$2.29 |
| |
|
|
|
|
| Weighted average number of basic shares
outstanding |
60,042 |
59,548 |
59,836 |
59,453 |
| Weighted average number of diluted shares
outstanding |
62,037 |
60,698 |
61,582 |
60,347 |
| |
|
|
|
|
| Combined ratio |
89.0% |
87.6% |
89.0% |
85.3% |
| |
|
|
|
|
| Return on equity |
17.6% |
19.0% |
21.2% |
22.2% |
| Operating return on equity (5) |
18.8% |
19.5% |
22.3% |
21.5% |
| |
|
|
|
|
| Reconciliation of net realized losses: |
|
|
|
|
| Other-than-temporary investment
impairments |
$ (4,066) |
$ -- |
$ (4,411) |
$ (21,196) |
| Impairments recognized in other
comprehensive income |
-- |
-- |
-- |
-- |
| |
(4,066) |
-- |
(4,411) |
(21,196) |
| Net realized gains on sale of
investments |
5,253 |
3,252 |
7,179 |
27,149 |
| Net realized gains |
$1,187 |
$3,252 |
$2,768 |
$5,953 |
| |
| AmTrust Financial
Services, Inc. |
| Balance Sheet
Highlights |
| (in
thousands) |
|
(Unaudited) |
| |
|
|
| |
December 31, |
December 31, |
| |
2011 |
2010 |
| |
|
|
| Cash, cash equivalents and investments |
$2,082,331 |
$1,558,961 |
| Premiums receivables |
932,992 |
727,561 |
| Goodwill and intangible assets |
314,616 |
197,826 |
| Total assets |
5,682,554 |
4,182,453 |
| Loss and loss expense reserves |
1,879,175 |
1,263,537 |
| Unearned premium |
1,366,170 |
1,024,965 |
| Trust preferred securities |
123,714 |
123,714 |
| Convertible senior notes |
138,506 |
-- |
| AmTrust's stockholders' equity |
$890,563 |
$716,514 |
| |
|
|
| Book Value per Share |
$ 14.82 |
$ 12.03 |
| |
| AmTrust Financial
Services, Inc. |
| Non-GAAP Financial
Measures |
| (in thousands, except
per share data) |
|
(Unaudited) |
| |
|
|
|
| |
Three
Months Ended December 31, |
Year Ended
December 31, |
| |
2011 |
2010 |
2011 |
2010 |
| |
|
|
|
|
| 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. |
$37,923 |
$33,646 |
$170,434 |
$ 142,465 |
| Less: Net realized gains (loss) net of
tax |
771 |
2,114 |
1,799 |
3,869 |
| Gain (loss) on investment in
unconsolidated subsidiary net of tax (1) |
-- |
-- |
(2,349) |
6,792 |
| Acquisition gain net of tax
(2) |
-- |
-- |
3,803 |
-- |
| Foreign currency transaction
gain (loss) |
(591) |
787 |
(2,418) |
684 |
| Non cash amortization of
certain intangible assets |
(2,954) |
(3,770) |
(9,852) |
(7,242) |
| Operating earnings attributable to AmTrust
Financial Services, Inc. (3) |
$40,697 |
$34,515 |
$179,451 |
$ 138,362 |
| |
|
|
|
|
| Reconciliation of diluted earnings per share
to diluted operating earnings per share: |
|
|
|
| Diluted earnings per share |
$ 0.61 |
$ 0.56 |
$ 2.77 |
$ 2.36 |
| Less: Net realized gains (loss) net of
tax |
0.01 |
0.02 |
0.03 |
0.06 |
| Gain (loss) on investment in
unconsolidated subsidiary net of tax |
-- |
-- |
(0.04) |
0.12 |
| Acquisition gain net of
tax |
-- |
-- |
0.06 |
-- |
| Foreign currency transaction
gain (loss) |
(0.01) |
0.01 |
(0.04) |
0.01 |
| Non cash amortization of
certain intangible assets |
(0.05) |
(0.04) |
(0.15) |
(0.12) |
| Operating diluted earnings per share (4) |
$ 0.66 |
$ 0.57 |
$ 2.91 |
$ 2.29 |
| |
|
|
|
|
| Reconciliation of return on equity to
operating return on equity: |
|
|
|
|
| Return on equity |
17.6% |
19.0% |
21.2% |
22.2% |
| Less: Net realized gains (loss) net of
tax |
0.3% |
1.2% |
0.2% |
0.7% |
| Gain (loss) on investment in
unconsolidated subsidiary net of tax |
-- % |
-- % |
(0.3)% |
1.2% |
| Acquisition gain net of
tax |
-- % |
-- % |
0.5% |
-- % |
| Foreign currency transaction
gain (loss) |
(0.3)% |
0.5% |
(0.3)% |
0.1% |
| Non cash amortization of
certain intangible assets |
(1.2)% |
(2.2)% |
(1.2)% |
(1.3)% |
| Operating return on equity (5) |
18.8% |
19.5% |
22.3% |
21.5% |
| |
|
|
|
|
| (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 on the Company's
gain on acquisition was to reduce the gain 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 $1,118 and $7,871 for the three months and year ended December
31, 2011. This purchase price adjustment is not included in
the Company's calculation of operating earnings. |
| (2) The Company
recorded a gain of $5,850 and after-tax gain of $3,803 related to
the renewal rights and loss portfolio transfer transaction with
Majestic Insurance Company. |
| (3) Operating
earnings is a non-GAAP financial measure defined by the Company as
net income less after-tax realized investment gain (loss), gain
(loss) on investment in unconsolidated subsidiary net of tax,
acquisition gain, certain amortization expense and foreign currency
transaction gain (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 the 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 gain (loss), gain (loss) on investment in unconsolidated
subsidiary net of tax, acquisition gain, certain amortization
expense and foreign currency transaction gain (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 gain
(loss), gain (loss) on investment in unconsolidated subsidiary net
of tax, acquisition gain, certain amortization expense and foreign
currency transaction gain (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 December 31, |
Year Ended
December 31, |
| |
2011 |
2010 |
2011 |
2010 |
| Gross written premium |
|
|
|
|
| Small Commercial Business |
$ 149,081 |
$ 127,811 |
$ 609,822 |
$ 465,951 |
| Specialty Risk and Extended
Warranty |
306,768 |
252,726 |
1,056,511 |
748,525 |
| Specialty Program |
105,590 |
71,116 |
381,541 |
264,051 |
| Personal Lines Reinsurance |
25,322 |
23,212 |
102,598 |
82,295 |
| |
$ 586,761 |
$ 474,865 |
$ 2,150,472 |
$ 1,560,822 |
| |
|
|
|
|
| Net written premium |
|
|
|
|
| Small Commercial Business |
$ 85,779 |
$ 69,270 |
$ 355,721 |
$ 243,146 |
| Specialty Risk and Extended
Warranty |
176,600 |
123,458 |
615,563 |
362,100 |
| Specialty Program |
57,293 |
42,641 |
202,715 |
139,685 |
| Personal Lines Reinsurance |
25,322 |
23,212 |
102,598 |
82,295 |
| |
$ 344,994 |
$ 258,581 |
$ 1,276,597 |
$ 827,226 |
| |
|
|
|
|
| Net earned premium |
|
|
|
|
| Small Commercial Business |
$ 94,494 |
$ 63,163 |
$ 320,266 |
$ 252,442 |
| Specialty Risk and Extended
Warranty |
125,773 |
84,331 |
446,765 |
303,583 |
| Specialty Program |
53,520 |
41,081 |
171,375 |
140,253 |
| Personal Lines Reinsurance |
25,606 |
21,838 |
98,455 |
49,381 |
| |
$ 299,393 |
$ 210,413 |
$ 1,036,861 |
$ 745,659 |
| |
|
|
|
|
| Loss Ratio |
|
|
|
|
| Small Commercial Business |
63.0% |
64.5% |
63.0% |
61.2% |
| Specialty Risk and Extended
Warranty |
64.3% |
65.6% |
66.6% |
63.0% |
| Specialty Program |
67.7% |
71.1% |
66.9% |
67.2% |
| Personal Lines Reinsurance |
68.7% |
66.0% |
65.2% |
64.1% |
| Total |
64.9% |
66.4% |
65.4% |
63.2% |
| |
|
|
|
|
| Expense Ratio |
|
|
|
|
| Small Commercial Business |
27.2% |
23.5% |
26.8% |
24.5% |
| Specialty Risk and Extended
Warranty |
19.0% |
14.7% |
17.9% |
16.6% |
| Specialty Program |
27.9% |
25.0% |
27.6% |
25.7% |
| Personal Lines Reinsurance |
30.0% |
32.5% |
31.8% |
32.5% |
| Total |
24.1% |
21.2% |
23.6% |
22.1% |
| |
|
|
|
|
| Combined Ratio |
|
|
|
|
| Small Commercial Business |
90.1% |
88.0% |
89.9% |
85.7% |
| Specialty Risk and Extended
Warranty |
83.4% |
80.3% |
84.5% |
79.6% |
| Specialty Program |
95.6% |
96.0% |
94.6% |
93.0% |
| Personal Lines Reinsurance |
98.7% |
98.5% |
97.1% |
96.6% |
| Total |
89.0% |
87.6% |
89.0% |
85.3% |
CONTACT: AmTrust Financial Services, Inc.
Investor Relations
Elizabeth Malone CFA
beth.malone@amtrustgroup.com
646.458.7924
Hilly Gross
New York, New York
hilly.gross@amtrustgroup.com
646.458.7925
Amtrust Financial Services, Inc. (delisted) (NASDAQ:AFSI)
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Amtrust Financial Services, Inc. (delisted) (NASDAQ:AFSI)
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