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AmTrust Financial Services, Inc. Reports Fourth Quarter 2015 Operating Earnings Per Diluted Share(1)(2) of $0.72 and Net Income Per Diluted Share(2) of $0.37  
Globe Newswire
Book Value Per Common Share(2) of $13.81, Up 24% Since December 31, 2014 

Financial Highlights

Fourth Quarter 2015

  • Gross written premium of $1.61 billion, up 10% (14% excluding the impact of European currency fluctuations) compared to $1.46 billion in the fourth quarter 2014
  • Net earned premium of $1.06 billion, up 16% from $908.2 million in the fourth quarter 2014 
  • Operating diluted EPS(1)(2) of $0.72 compared to $0.73 in the fourth quarter 2014
  • Diluted EPS(2) of $0.37 compared with $0.44 in the fourth quarter 2014
  • Annualized operating return on common equity(1) of 21.7% and annualized return on common equity of 11.2%
  • Service and fee income of $131.4 million, up 29% from $101.7 million in the fourth quarter 2014
  • Operating earnings(1) of $123.9 million compared to $118.5 million in the fourth quarter 2014 
  • Net income attributable to common stockholders of $63.9 million compared to $71.6 million in the fourth quarter 2014
  • Combined ratio of 91.9% compared to 90.8% in the fourth quarter 2014
  • Weighted average diluted shares outstanding(2) of 172.0 million, up 6% compared to 162.1 million in the fourth quarter 2014

Full Year 2015

  • Gross written premium of $6.80 billion, up 12% (14% excluding the impact of European currency fluctuations) compared to $6.09 billion in 2014
  • Net earned premium of $4.02 billion, up 14% from $3.53 billion in 2014
  • Operating diluted EPS(1)(2) of $3.13 compared to $2.87 in 2014
  • Diluted EPS(2) of $2.80 compared with $2.72 in 2014
  • Operating return on common equity(1) of 25.3% and return on common equity of 22.7% 
  • Service and fee income of $478.2 million, up 17% from $409.7 million in 2014
  • Operating earnings(1) of $526.7 million, up 15% compared to $458.4 million in 2014 
  • Net income attributable to common stockholders of $472.0 million compared to $434.3 million in 2014
  • Combined ratio of 91.0% compared to 90.7% in 2014
  • Book value per common share(2) of $13.81, up 24% from $11.17 at December 31, 2014
  • AmTrust's stockholders' equity was $2.91 billion as of December 31, 2015, up 43% compared to $2.04 billion as of December 31, 2014
  • Weighted average diluted shares outstanding(2) of 168.4 million, up 6% compared to 159.0 million in 2014

NEW YORK, Feb. 10, 2016 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company" or "AmTrust") today announced continued growth of operating earnings(1) and strong operating return on equity(1) for the fourth quarter and full year of 2015.

For the fourth quarter 2015, operating earnings(1) were $123.9 million, or $0.72 per diluted share(2) compared to $118.5 million, or $0.73 per diluted share(2), in the fourth quarter of 2014. Fourth quarter 2015 net income attributable to common stockholders was $63.9 million, or $0.37 per diluted share(2), compared to $71.6 million, or $0.44 per diluted share(2), in the fourth quarter 2014. Fourth quarter 2015 annualized operating return on common equity(1) was 21.7% compared to 27.7% in the fourth quarter 2014. Annualized return on common equity was 11.2% for the fourth quarter of 2015 compared to 16.7% for the fourth quarter of 2014.  For 2015, operating earnings(1) were $526.7 million, or $3.13 per diluted share(2), an increase of 15%, compared to $458.4 million, or $2.87 per diluted share(2), in 2014.  During 2015, net income attributable to common stockholders grew to $472.0 million, or $2.80 per diluted share(2), an increase of 9% from $434.3 million, or $2.72 per diluted share(2), in 2014. Operating return on common equity(1)  for 2015 was 25.3% compared to 29.9% from 2014. Return on common equity for 2015 was 22.7% compared to 28.4% for 2014.

On December 15, 2015, the Company announced a two-for-one stock split to be implemented by way of a 100% stock dividend.  The stock dividend was paid February 2, 2016. The shares began trading on a post-split basis on February 3, 2016. All per share information presented in this release has been updated to reflect the stock split.

Fourth Quarter 2015 Results

Total revenue was $1.21 billion, an increase of $0.16 billion, or 16%, from $1.05 billion in the fourth quarter 2014. Gross written premium was $1.61 billion, an increase of $0.15 billion, or 10%, from $1.46 billion in the fourth quarter of 2014. Fourth quarter 2015 gross written premium was negatively impacted by $49.3 million due to declines in European currencies compared to a $12.9 million negative impact to gross written premium in the fourth quarter 2014. Net written premium was $1.07 billion, an increase of $166.7 million, or 19%, compared to $898.5 million in the fourth quarter 2014. Net earned premium was $1.06 billion, an increase of $149.8 million, or 16%, from $908.2 million in the fourth quarter 2014. The combined ratio was 91.9% compared to 90.8% in fourth quarter 2014.

In the fourth quarter 2015, changes in currencies resulted in a non-cash increase in net income of $25.9 million, or $0.15 per diluted share(2), compared to a $34.4 million increase, or $0.21 diluted per share(2), in the fourth quarter of 2014.

Total service and fee income of $131.4 million increased $29.8 million, or 29%, from $101.7 million in the fourth quarter of 2014 and included $18.5 million from related parties in the fourth quarter 2015 compared with $16.4 million in the fourth quarter 2014.

Investment income, excluding net realized gains and losses, totaled $45.0 million, an increase of 25% from $35.9 million in the fourth quarter of 2014. In addition, fourth quarter 2015 results included net realized investment losses of $22.6 million, or $14.7 million after-tax, on certain fixed income and equity investments compared with net realized investment gains of $2.0 million, or $1.3 million after-tax, in the fourth quarter of 2014.

Loss and loss adjustment expense totaled $720.8 million in the fourth quarter 2015, compared to $587.5 million in the fourth quarter 2014, and resulted in a loss ratio of 68.1% compared with 64.7% for the fourth quarter 2014.

Acquisition costs and other underwriting expense of $251.1 million increased $14.4 million from $236.7 million for the fourth quarter 2014. The expense ratio was 23.8% compared to 26.1% for the fourth quarter 2014. Ceding commissions, primarily related to the reinsurance agreements with Maiden Holdings, Ltd. ("Maiden"), totaled $90.7 million, up 22% from $116.2 million in the fourth quarter 2014. During the three months ended December 31, 2015, AmTrust ceded $394.4 million of gross written premium and $415.7 million of earned premium to Maiden compared to $434.7 million of gross written premium and $392.5 million of earned premium ceded in the fourth quarter 2014.

Other expense of $153.3 million decreased $4.4 million, or 3%, from $157.7 million in the fourth quarter 2014. Other expense included a non-cash goodwill impairment charge of $55.3 million and $61.5 million in the fourth quarter of 2015 and 2014, respectively, related to our Luxembourg reinsurance companies.

The effective tax rate was 28.3%, compared to 16.3% in the fourth quarter of 2014.

Full Year 2015 Results

Total revenue was $4.66 billion, an increase of $580.0 million, or 14%, from $4.08 billion in 2014. Gross written premium was $6.80 billion, an increase of $711.6 million, or 12%, from $6.09 billion in 2014. 2015 gross written premium was negatively impacted by $155.6 million due to declines in European currencies compared to a positive impact of $31.2 million in 2014 due to increases in European currencies. Net written premium was $4.26 billion, an increase of $303.4 million, or 7.7%, from $3.96 billion in 2014. Net earned premium of $4.02 billion increased $495.2 million, or 14%, from $3.53 billion in 2014. The combined ratio was 91.0% compared to 90.7% in 2014.

Total service and fee income of $478.2 million increased $68.5 million, or 17%, from $409.7 million in 2014 and included $76.5 million from related parties in 2015 compared with $58.4 million in 2014.

Investment income, excluding net realized gains and losses, totaled $156.3 million, an increase of 19% from $131.6 million in 2014. In addition, 2015 results included net realized investment gains of $8.1 million, or $5.3 million after-tax, on certain fixed income and equity investments compared with net realized investment gains of $16.4 million, or $10.7 million after-tax, in 2014.

Loss and loss adjustment expense totaled $2.68 billion in 2015, compared to $2.34 billion in 2014, and resulted in a loss ratio of 66.7% compared with 66.4% for 2014.

Acquisition costs and other underwriting expense of $979.5 million increased $122.6 million from $856.9 million in 2014. The expense ratio was consistent at 24.3% in 2015 and 2014. Ceding commissions, primarily related to the reinsurance agreements with Maiden, totaled $564.2 million, up 39% from $405.1 million in 2014. During the year ended December 31, 2015, AmTrust ceded $1.90 billion of gross written premium and $1.72 billion of earned premium to Maiden compared to $1.59 billion of gross written premium and $1.38 billion of earned premium ceded in the same period of 2014.

Other expense of $466.8 million increased $30.4 million, or 7%, from $436.4 million in 2014. Other expense included a non-cash goodwill impairment charge of $55.3 million and $61.5 million in 2015 and 2014, respectively related to our Luxembourg reinsurance companies.

Provision for income taxes were $66.3 million compared to $53.6 million for 2014. The effective tax rate was 12.0%, compared to 11.4% in 2014. The 2015 income tax provision reflects a favorable return to provision adjustment recognized in the third quarter 2015 in connection with the filing of the Company's 2014 federal income tax return. In addition, during the second quarter of 2015, the Company's income tax provision included a reduction in taxes due to an adjustment related to jurisdictional profitability associated with our international operations.

As of December 31, 2015, the Luxembourg reinsurance companies had deferred tax liabilities of $11.2 million and goodwill and intangible assets of $6.4 million, related to the Company's equalization reserves.

During 2015, the Company issued an aggregate of 8,450,000 shares of its common stock (or 16,900,000 split adjusted shares) in two separate underwritten public offerings, resulting in net proceeds of approximately $487 million. The common stock sales contributed to the Company's weighted average number of diluted shares outstanding, rising 9.4 million, or 6%, to 168.4 million common shares in 2015 compared to 159.0 million common shares in 2014.

Total assets of approximately $17.15 billion increased $3.30 billion, or 24%, from $13.85 billion at December 31, 2014. Total cash, cash equivalents and investments of $7.20 billion increased $1.54 billion, or 27%, from $5.66 billion as of December 31, 2014. AmTrust's stockholder's equity of $2.91 billion increased 43% from $2.04 billion at December 31, 2014.

As of December 31, 2015, the Company's debt-to-capitalization ratio was 25.8%, compared with 27.1% as of December 31, 2014.

During the three months ended December 31, 2015, the Board of Directors declared cash dividends totaling $0.30 per share (or $0.15 per split adjusted share) on its common stock and cash dividends on the following series of non-cumulative preferred stock:

Series Rate Dividend
A  6.750% $0.421875 
B  7.250% $0.453125 
C  7.625% $0.476563 
D  7.500% $0.468750 
         

Conference Call:

On February 10, 2016 at 10:00 AM ET, CEO & President Barry Zyskind and CFO Ron Pipoly will review these results and discuss business conditions 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

Conference ID: 32527556

Webcast registration: http://ir.amtrustgroup.com/events.cfm 

A replay of the conference call will be available at approximately 1:00 PM ET Wednesday, February 10, 2016 through Wednesday, February 17, 2016 at 11:59 PM ET. 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 32527556, or access http://ir.amtrustgroup.com/events.cfm

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, or call AmTrust toll-free at (855) 327-2223.

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. 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, 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 the United States, developments relating to existing agreements, disruptions to our business relationships with Maiden Holdings, Ltd., National General Holding Corp., ACP Re, Ltd., or third party agencies and warranty administrators, breaches in data security or other disruptions involving our 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,
  2015 2014 2015 2014
Gross written premium $1,609,199  $1,459,648  $6,799,537  $6,087,965 
         
Net written premium $1,065,165  $898,471  $4,260,058  $3,956,618 
Change in unearned premium (7,193) 9,692  (238,331) (430,054)
Net earned premium 1,057,972  908,163  4,021,727  3,526,564 
         
Service and fee income 131,440  101,660  478,206  409,743 
Net investment income 45,009  35,928  156,290  131,601 
Net realized and unrealized (loss) gain on investments (22,576) 1,992  8,117  16,423 
Other revenue 153,873  139,580  642,613  557,767 
Total revenue 1,211,845  1,047,743  4,664,340  4,084,331 
Loss and loss adjustment expense 720,846  587,464  2,682,208  2,342,619 
Acquisition costs and other underwriting expense 251,100  236,742  979,502  856,923 
Other expense 153,272  157,678  466,759  436,350 
Total expense 1,125,218  981,884  4,128,469  3,635,892 
Income before other income (expense), provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest 86,627  65,859  535,871  448,439 
Other income (expense):        
Interest expense (15,289) (9,972) (48,052) (45,857)
Loss on extinguishment of debt   (9,831) (5,271) (9,831)
Gain on life settlement contracts net of profit commission 759  17,486  19,844  12,306 
Foreign currency gain 25,905  34,419  43,260  60,245 
Gain on acquisition     5,826   
Gain on sale of subsidiary       6,631 
Total other income 11,375  32,102  15,607  23,494 
Income before provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest 98,002  97,961  551,478  471,933 
Provision for income taxes 27,706  15,940  66,341  53,686 
Equity in earnings of unconsolidated subsidiaries (related parties) 2,337  1,504  25,385  28,351 
Net income 72,633  83,525  510,522  446,598 
Redeemable non-controlling interest and non-controlling interest 12  (6,613) (6,928) 416 
Net income attributable to AmTrust stockholders $72,645  $76,912  $503,594  $447,014 
Dividends on preferred stock (8,793) (5,351) (31,590) (12,738)
Net income attributable to AmTrust common stockholders $63,852  $71,561  $472,004  $434,276 
Operating earnings(1) attributable to AmTrust common stockholders $123,885  $118,494  $526,732  $458,369 
         
         
AmTrust Financial Services, Inc.
Income Statement
(in thousands, except per share data)
(Unaudited)
     
  Three Months Ended
December 31,
 Year Ended
December 31,
  2015 2014 2015 2014
Earnings per common share:        
Basic earnings per share (2) $0.38  $0.47  $2.86  $2.89 
Diluted earnings per share (2) $0.37  $0.44  $2.80  $2.72 
Operating diluted earnings per share (1)(2) $0.72  $0.73  $3.13  $2.87 
Weighted average number of basic shares outstanding (2) 168,878  152,036  165,042  149,866 
Weighted average number of diluted shares outstanding (2) 171,979  162,124  168,360  159,034 
Combined ratio 91.9% 90.8% 91.0% 90.7%
Return on equity 11.2% 16.7% 22.7% 28.4%
Operating return on equity (1) 21.7% 27.7% 25.3% 29.9%
Reconciliation of net realized gain (loss):        
Other-than-temporary investment impairments $(9,037) $(4,036) $(19,155) $(8,039)
Impairments recognized in other comprehensive income        
  (9,037) (4,036) (19,155) (8,039)
Net realized (loss) gain on sale of investments (13,539) 6,028  27,272  24,462 
Net realized (loss) gain $(22,576) $1,992  $8,117  $16,423 


AmTrust Financial Services, Inc.
Balance Sheet Highlights
(in thousands, except book value per common share)
(Unaudited)
     
  December 31, 2015 December 31, 2014
Cash, cash equivalents and investments $7,204,153  $5,664,856 
Premium receivables 2,115,653  1,851,682 
Goodwill and intangible assets 800,045  667,681 
Loss and loss adjustment expense reserves 7,208,367  5,664,205 
Unearned premium 4,014,728  3,447,203 
Trust preferred securities 123,714  123,714 
Convertible senior notes 168,272  214,424 
6.125% Senior notes 250,000  250,000 
7.25% Subordinated Notes due 2055 150,000   
7.50% Subordinated Notes due 2055 135,000   
Preferred stock 482,500  300,000 
AmTrust's stockholders' equity 2,912,146  2,037,020 
Book value per common share (2) $13.81  $11.17 


AmTrust Financial Services, Inc.
Non-GAAP Financial Measures
(in thousands, except per share data)
(Unaudited)
         
  Three Months Ended
December 31,
 Year Ended
December 31,
  2015 2014 2015 2014
Reconciliation of net income attributable to AmTrust common stockholders to operating earnings (1):        
Net income attributable to AmTrust common stockholders $63,852  $71,561  $472,004  $434,276 
Less: Net realized (loss) gain on investments net of tax (14,674) 1,295  5,276  10,675 
Non-cash amortization of intangible assets (14,358) (8,880) (46,524) (33,543)
Non-cash impairment of goodwill (3) (55,304) (62,898) (55,304) (62,898)
Non-cash interest on convertible senior notes net of tax (1,602) (1,038) (5,978) (2,614)
Loss on extinguishment of debt   (9,831) (5,271) (9,831)
Foreign currency transaction gain 25,905  34,419  43,260  60,245 
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax     6,026  9,563 
Acquisition gain net of tax     3,787   
Gain on sale of a subsidiary net of tax       4,310 
Operating earnings (1) attributable to AmTrust common stockholders $123,885  $118,494  $526,732  $458,369 
Reconciliation of diluted earnings per share to diluted operating earnings per share (1)(2):        
Diluted earnings per share $0.37  $0.44  $2.80  $2.72 
Less: Net realized (loss) gain on investments net of tax (0.09) 0.01  0.03  0.07 
Non-cash amortization of intangible assets (0.08) (0.06) (0.28) (0.21)
Non-cash impairment of goodwill (3) (0.32) (0.38) (0.33) (0.39)
Non-cash interest on convertible senior notes net of tax (0.01) (0.01) (0.04) (0.02)
Loss on extinguishment of debt   (0.06) (0.03) (0.06)
Foreign currency transaction gain 0.15  0.21  0.26  0.37 
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax     0.04  0.06 
Acquisition gain net of tax     0.02   
Gain on sale of a subsidiary net of tax       0.03 
Operating diluted earnings per share (1)(2) $0.72  $0.73  $3.13  $2.87 
Reconciliation of return on common equity to operating return on common equity:        
Return on common equity 11.2% 16.7% 22.7% 28.4%
Less: Net realized (loss) gain on investments net of tax (2.6)% 0.3% 0.2% 0.7%
Non-cash amortization of intangible assets (2.5)% (2.1)% (2.2)% (2.1)%
Non-cash impairment of goodwill (3) (9.6)% (14.8)% (2.7)% (4.0)%
Non-cash interest on convertible senior notes net of tax (0.3)% (0.2)% (0.3)% (0.2)%
Loss on extinguishment of debt net of tax % (2.3)% (0.2)% (0.6)%
Foreign currency transaction gain 4.5% 8.1% 2.1% 3.8%
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax % % 0.3% 0.6%
Acquisition gain net of tax % % 0.2% %
Gain on sale of a subsidiary net of tax % % % 0.3%
Operating return on common equity (1) 21.7% 27.7% 25.3% 29.9%
             

(1) References to operating earnings, operating diluted EPS, and operating return on common equity are non-GAAP financial measures. Operating earnings ("Operating Earnings") is defined by the Company as net income attributable to AmTrust common stockholders less after-tax realized gain (loss) on investments, non-cash amortization of intangible assets, non-cash impairment of goodwill, non-cash interest on convertible senior notes, net of tax, loss on extinguishment of debt, foreign currency transaction gain (loss), gain resulting from a decrease in the ownership percentage of an equity investment in an unconsolidated subsidiary (related party), net of tax, acquisition gain, net of tax and gain on sale of a subsidiary net of tax. Operating Earnings should not be considered an alternative to net income. Operating diluted earnings per share is defined by the Company as Operating Earnings divided by the weighted average diluted shares outstanding for the period and should not be considered an alternative to diluted earnings per share. Operating return on common equity is defined by the Company as Operating Earnings divided by the average common equity for the period and should not be considered an alternative to return on common equity. The Company believes Operating Earnings, operating diluted earnings per share, and operating return on common equity are more relevant measures of the Company's profitability because Operating Earnings, operating diluted earnings per share, and operating return on common equity contain the components of net income upon which the Company's management has the most influence and excludes factors outside management's direct control and non-recurring items. The Company's measure of Operating Earnings, operating diluted earnings per share, and operating return on common equity may not be comparable to similarly titled measures used by other companies.

(2) On December 15, 2015, the Company announced a two-for-one stock split on its outstanding common stock. The stock split occurred on February 2, 2016 based on the shareholders of record at the close of business on January 19, 2016. As a result of this stock split, all weighted average shares outstanding, earnings per share amounts and book value per share contained herein have been adjusted to reflect the stock split.

(3) The non-cash goodwill impairment charges relate to equalization reserves for the Company's Luxembourg reinsurance entities.

AmTrust Financial Services, Inc.
Segment Information
(in thousands, except percentages)
(Unaudited)
         
  Three Months Ended
December 31,
 Year Ended
December 31,
  2015 2014 2015 2014
Gross written premium        
Small Commercial Business $746,048  $633,263  $3,320,650  $2,999,714 
Specialty Risk and Extended Warranty 630,904  595,401  2,158,921  1,983,052 
Specialty Program 232,247  230,984  1,319,966  1,105,199 
  $1,609,199  $1,459,648  $6,799,537  $6,087,965 
Net written premium        
Small Commercial Business $432,178  $356,036  $1,932,100  $1,882,383 
Specialty Risk and Extended Warranty 475,744  400,502  1,450,817  1,333,747 
Specialty Program 157,243  141,933  877,141  740,488 
  $1,065,165  $898,471  $4,260,058  $3,956,618 
Net earned premium        
Small Commercial Business $486,176  $417,820  $1,886,880  $1,606,805 
Specialty Risk and Extended Warranty 341,555  311,089  1,305,036  1,232,238 
Specialty Program 230,241  179,254  829,811  678,612 
Corporate and Other       8,909 
  $1,057,972  $908,163  $4,021,727  $3,526,564 
Loss Ratio:        
Small Commercial Business 66.8% 63.0% 65.4% 65.7%
Specialty Risk and Extended Warranty 68.9% 64.1% 67.6% 66.4%
Specialty Program 69.8% 65.8% 68.2% 67.3%
Total 68.1% 64.7% 66.7% 66.4%
Expense Ratio:                
Small Commercial Business 24.9% 28.2% 25.8% 25.9%
Specialty Risk and Extended Warranty 19.8% 22.0% 20.3% 20.6%
Specialty Program 27.2% 28.0% 27.5% 27.0%
Total 23.8% 26.1% 24.3% 24.3%
Combined Ratio:                
Small Commercial Business 91.7% 91.2% 91.2% 91.6%
Specialty Risk and Extended Warranty 88.7% 86.1% 87.9% 87.0%
Specialty Program 97.0% 93.8% 95.7% 94.3%
Total 91.9% 90.8% 91.0% 90.7%

 

CONTACT:
AmTrust Financial Services, Inc.
SVP Investor Relations
Elizabeth Malone, CFA
beth.malone@amtrustgroup.com
(646) 458-7924

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