AmTrust Financial Services, Inc. Reports Fourth Quarter Operating Earnings(1) of $53.4 Million and Net Income of $55.3 Million

AmTrust Financial Services, Inc. Reports Fourth Quarter Operating Earnings(1)
of $53.4 Million and Net Income of $55.3 Million

Book Value Per Share of $17.03, Up 26.4% Since Year-end 2011

Financial Highlights

Fourth Quarter 2012

  *Gross written premium of $773.6 million, up 31.9%, and net earned premium
    of $383.4 million, up 28.1% from fourth quarter 2011
  *Operating diluted EPS^(1)(2) of $0.77 ($0.07 attributable to gain on life
    settlement contracts) compared to $0.60 (($0.02) attributable to loss on
    life settlement contracts) in the fourth quarter 2011
  *Annualized operating return on equity^(1) of 19.3% and annualized return
    on equity of 19.9%
  *Service and fee income of $54.1 million, up 79.5% from fourth quarter 2011
  *Operating earnings^(1) of $53.4 million compared to $40.7 million, up
    31.2% from fourth quarter 2011
  *Fourth quarter 2012 results include gain on life settlement contracts net
    of non-controlling interest of $4.5 million compared to a loss of $1.0
    million in fourth quarter 2011
  *Net income of $55.3 million compared to $37.9 million from fourth quarter
    2011
  *Diluted EPS of $0.79 compared to $0.56 in the fourth quarter 2011
  *Combined ratio of 90.1% compared to 89.0% in the fourth quarter 2011

Full Year 2012

  *Gross written premium of $2.75 billion, up 27.8%, and net earned premium
    of $1.42 billion, up 36.8% over 2011
  *Operating diluted EPS^(1)(2) of $2.77 ($0.10 attributable to gain on life
    settlement contracts) compared to $2.65 ($0.39 attributable to gain on
    life settlement contracts) in 2011
  *Operating return on equity^(1) of 18.8% and return on equity of 17.5%
  *Service and fee income of $172.2 million, up 58.5% from 2011
  *Operating earnings^(1) of $191.6 million compared to $179.5 million in
    2011
  *2012 results include gain on life settlement contracts net of
    non-controlling interest of $6.7 million compared to $26.4 million in 2011
  *Net income of $178.0 million compared to $170.4 million in 2011
  *Diluted EPS of $2.57 compared with $2.52 in 2011
  *Combined ratio of 89.5% compared to 89.0% in 2011
  *Book value per share of $17.03, up from $13.47 at year-end 2011
  *Shareholders' equity was $1.14 billion as of December 31, 2012

NEW YORK, Feb. 14, 2013 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc.
(Nasdaq:AFSI) ("the Company") today reported fourth quarter 2012 operating
earnings^(1) of $53.4 million, or $0.77 per diluted share compared to $40.7
million, or $0.60 per diluted share, in the fourth quarter of 2011. Net income
totaled $55.3 million, or $0.79 per diluted share for the fourth quarter of
2012 compared $37.9 million, or $0.56 per diluted share in the fourth quarter
of 2011. Fourth quarter 2012 annualized operating return on equity increased
to 19.3% from 18.8% in the fourth quarter of 2011.

During 2012, net income totaled $178.0 million, an increase of 4.4% from
$170.4 million in 2011. Earnings per diluted share^(2) totaled $2.57 in 2012,
an increase of 2.0% from $2.52 in 2011. Operating earnings^(1) totaled $191.6
million, or $2.77 per diluted share, an increase of 6.8% from $179.5 million,
or $2.65 per diluted share^(2) in 2011. December 31, 2012 book value per share
rose 26.4% to $17.03 and full year operating return on equity was 18.8%. Per
share results for the fourth quarter and year reflect a 10% stock dividend the
Board of Directors declared on August 6, 2012.

Fourth Quarter 2012 Results

For the fourth quarter of 2012, total revenue of $517.8 million increased
$131.3 million, or 34.0%, from $386.5 million in the fourth quarter of 2011.
Gross written premium of $773.6 million rose $186.9 million, or 31.9%, from
$586.8 million in the same period a year ago. Net written premium of $413.0
million increased $68.0 million, or 19.7%, from $345.0 million in the fourth
quarter in 2011. Net earned premium of $383.4 million increased $84.0 million,
or 28.1%, from $299.4 million in the fourth quarter of 2011.

Commission and other revenues were $134.5 million, an increase of $47.3
million, or 54.3%, from $87.1 million for the fourth quarter of 2011 and
represented 26.0% of total revenue. The combined ratio totaled 90.1% compared
with 89.0% in the fourth quarter of 2011.

Ceding commissions, primarily related to the reinsurance agreements with
Maiden Holdings, Ltd. ("Maiden"), totaled $56.3 million, up 33.7% from $42.1
million a year ago. During the quarter, AmTrust ceded $269.6 million of gross
written premium and $214.9 million of earned premium to Maiden compared to
$189.3 million of gross written premium and $148.8 million of earned premium
ceded in the fourth quarter of 2011.

Total service and fee income of $54.1 million increased $24.0 million, or
79.5% from $30.1 million in the fourth quarter of 2011 and included $8.8
million from related parties compared with $4.6 million in the fourth quarter
of 2011.

Investment income, excluding net realized gains and losses, totaled $18.9
million, an increase of 37.8% from $13.7 million in the fourth quarter of
2011. In addition, fourth quarter 2012 results include net realized investment
gains of $5.2 million, or $3.4 million after-tax, on certain fixed income and
equity investments compared with $1.2 million, or $0.8 million after-tax, in
the fourth quarter of 2011.

In the fourth quarter 2012, net gain on life settlements including
non-controlling interest was $8.5 million. Operating earnings^(1) included
gain on life settlement contracts of $4.5 million, net of non-controlling
interest.

Loss and loss adjustment expense totaled $255.3 million, an increase of $61.0
million from $194.3 million in the fourth quarter of 2011 and resulted in a
loss ratio of 66.6% compared with 64.9% for the fourth quarter of 2011.

Acquisition costs and other underwriting expenses of $146.2 million increased
$31.9 million from $114.3 million in the fourth quarter of 2011. Acquisition
costs and other underwriting expenses less ceding commissions totaled $89.9
million compared to $72.2 million in the fourth quarter of 2011. The expense
ratio was 23.5%, down from 24.1% in the fourth quarter of 2011.

Other expense of $51.0 million increased $27.2 million from $23.8 million in
the fourth quarter of 2011.

Full Year 2012 Results

For 2012, total revenue was $1.87 billion, an increase of $507 million, or
37.4%, from $1.36 billion a year ago. Gross written premium of $2.75 billion
rose $599 million, or 27.8%, from $2.15 billion a year ago. Net written
premium was $1.65 billion, an increase of $371 million, or 29.1%, from $1.28
billion a year ago. Net earned premium of $1.42 billion increased $382.0
million, or 36.8%, from $1.04 billion in 2011.

Commission and other revenues of $446.3 million, an increase of $125.4
million, or 39.1%, from $320.9 million for 2012 compared to 2011 and
represented 23.9% of total revenue. The combined ratio totaled 89.5% compared
with 89.0% in 2011.

Ceding commissions, primarily related to the reinsurance agreements with
Maiden, totaled $197.0 million, up 27.9% from $154.0 million a year ago.
During 2012, AmTrust ceded $846.5 million of gross written premium and $730.3
million of earned premium to Maiden compared to $703.2 million of gross
written premium and $559.6 million of earned premium ceded in 2011.

Total service and fee income of $172.2 million increased $63.5 million, or
58.5%, from $108.7 million in 2011 and included $29.0 million from related
parties compared with $16.7 million in 2011.

Investment income, excluding net realized gains and losses, totaled $68.2
million, an increase of 22.8% from $55.5 million in 2011. In addition, 2012
results included net realized investment gains of $9.0 million, or $5.8
million after-tax, on certain fixed income and equity investments compared
with gains of $2.8 million, or $1.8 million after-tax, in 2011.

In 2012, net gain on life settlements including non-controlling interest was
$13.8 million.Operating earnings^(1) included gain on life settlement
contracts of $6.7 million, net of non-controlling interest.

Loss and loss adjustment expense totaled $922.7 million in 2012, an increase
of $244.4 million from $678.3 million in 2011 and resulted in a loss ratio of
65.0% compared with 65.4% for 2011.

Acquisition costs and other underwriting expense of $543.7 million increased
$145.3 million from $398.4 million for 2012. Acquisition costs and other
underwriting expenses less ceding commissions totaled $346.7 million compared
with $244.5 million to 2011. The expense ratio was 24.4%, up from 23.6% in
2011.

Other expense of $161.3 million increased $74.7 million from $86.6 million in
2011.

Total assets of $7.4 billion increased $1.7 billion, or 29.5%, from $5.7
billion at December 31, 2011. Total cash, cash equivalents and investments of
$2.7 billion increased $610 million, or 29.2%, from $2.1 billion as of
December 31, 2011. Shareholders' equity of $1.1 billion increased 28.5% from
$891 million at year-end 2011.

During 2012, the Board of Directors declared cash dividends totaling $0.39 per
share.In addition, on August 6, 2012, the Board of Directors declared a 10%
stock dividend.As of December 31, 2012, the Company's long-term
debt-to-capitalization ratio was 20.9% compared with 23.9% as of December 31,
2011.

^(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 gain and loss on securities, non-cash amortization of
certain intangible assets, non-cash interest on convertible senior notes net
of tax, foreign currency transaction gain and loss and gain on acquisition net
of tax. 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.

^(2) In September 2012, the Company paid a ten percent stock dividend.As a
result, prior year's weighted average common shares outstanding, diluted
shares outstanding, earnings per share, diluted earnings per share and
operating diluted earnings per share have been adjusted.The dividend resulted
in a reduction in basic earnings per share and diluted operating earnings per
share of $0.06 and a reduction in diluted earnings per share of $0.05 for the
three months ended December 31, 2011.The dividend resulted in a reduction in
basic earnings per share of $0.27, a reduction in diluted earnings per share
of $0.25 and a reduction in operating diluted earnings per share of $0.26 for
the year ended December 31, 2011.

Conference Call:

On February 14, 2013 at 9:00 AM 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 Thursday, February 14, 2013 through February 21, 2013. 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 95792351, 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,
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., American Capital Acquisition Corporation, 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  Year Ended
                                   December 31,        December 31,
                                  2012      2011      2012        2011
Gross written premium              $ 773,645 $ 586,761 $ 2,749,326 $ 2,150,472
                                                               
Net written premium                $ 413,012 $ 344,994 $ 1,648,037 $ 1,276,597
Change in unearned premium         (29,625)  (45,601)  (229,185)   (239,736)
Net earned premium                 383,387   299,393   1,418,852   1,036,861
Ceding commission (primarily       56,298    42,123    196,982     153,953
related party)
Service and fee income             54,064    30,114    172,174     108,660
Investment income, net             18,876    13,700    68,167      55,515
Net realized gains (loss)          5,213     1,187     8,981       2,768
Commission and other revenues      134,451   87,124    446,304     320,896
Total revenue                      517,838   386,517   1,865,156   1,357,757
Loss and loss adjustment expense   255,313   194,277   922,675     678,333
Acquisition costs and other        146,239   114,320   543,713     398,404
underwriting expense
Other expense                      51,024    23,806    161,320     86,611
Total expenses                     452,576   332,403   1,627,708   1,163,348
Income before other, provision for
income taxes, equity in earnings   65,262    54,114    237,448     194,409
of unconsolidated subsidiaries and
non-controlling interest
Other income (expense):                                         
Interest expense                   (7,205)   (4,045)   (28,508)    (16,079)
Net gain (loss) on life settlement 8,520     (1,454)   13,822      46,892
contracts
Foreign currency gain (loss)       2,743     (591)     (242)       (2,418)
Acquisition gain on purchase       —         —         —           5,850
Total other income (expenses)      4,058     (6,090)   (14,928)    34,245
Income before provision for income
taxes, equity in earnings of       69,320    48,024    222,520     228,654
unconsolidated subsidiaries and
non-controlling interest
Provision for income taxes         10,849    11,749    46,955      42,372
Equity in earnings of
unconsolidated subsidiaries        636       1,467     9,295       4,882
(related parties)
Net income                         59,107    37,742    184,860     191,164
Non-controlling interest           (3,794)   181       (6,873)     (20,730)
Net income attributable to AmTrust $ 55,313  $ 37,923  $ 177,987   $ 170,434
Financial Services, Inc.
Operating earnings attributable to
AmTrust Financial Services,        $ 53,427  $ 40,697  $ 191,646   $ 179,451
Inc.^(3)
Earnings per common share:                                      
Basic earnings per share           $ 0.82    $ 0.57    $ 2.67      $ 2.58
Diluted earnings per share         $ 0.79    $ 0.56    $ 2.57      $ 2.52
Operating diluted earnings per     $ 0.77    $ 0.60    $ 2.77      $ 2.65
share^(4)
Weighted average number of basic   66,870    66,121    66,499      65,915
shares outstanding
Weighted average number of diluted 69,417    68,116    68,850      67,661
shares outstanding
Combined ratio                     90.1%     89.0%     89.5%       89.0%
Return on equity                   19.9%     17.6%     17.5%       21.2%
Operating return on equity^(5)    19.3%     18.8%     18.8%       22.3%
Reconciliation of net realized                                  
losses:
Other-than-temporary investment    $ (1,757) $ (4,066) $ (2,965)   $ (4,411)
impairments
Impairments recognized in other    —         —         —           —
comprehensive income
                                  (1,757)   (4,066)   (2,965)     (4,411)
Net realized gains on sale of      6,970     5,253     11,946      7,179
investments
Net realized gains                 $ 5,213   $ 1,187   $ 8,981     $ 2,768



AmTrust Financial Services, Inc.
Balance Sheet Highlights
(in thousands)
(Unaudited)
                                                  
                                      December 31, December 31,
                                       2012         2011
Cash, cash equivalents and investments $ 2,696,402  $ 2,086,638
Premiums receivables                   1,204,181    932,992
Goodwill and intangible assets         514,967      372,786
Total assets                           7,421,602    5,732,518
Loss and loss expense reserves         2,431,244    1,879,175
Unearned premium                       1,773,593    1,366,170
Trust preferred securities             123,714      123,714
Convertible senior notes               161,218      138,506
AmTrust's stockholders' equity         1,144,121    890,563
Book value per share                   $ 17.03      $ 13.47



AmTrust Financial Services, Inc.
Non-GAAP Financial Measures
(in thousands, except per share data)
(Unaudited)
                                                 
                          Three Months Ended
                           December 31,            Year Ended December 31,
                          2012        2011        2012          2011
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          $ 55,313    $ 37,923    $ 177,987     $ 170,434
Services, Inc.
Less: Net realized gains   3,389       771         5,838         1,799
(loss) net of tax
Non cash amortization of   (5,374)     (2,954)     (17,165)      (9,852)
certain intangible assets
Non cash interest on
convertible senior notes   1,128       —           (2,090)       —
net of tax
Foreign currency           2,743       (591)       (242)         (2,418)
transaction gain (loss)
Loss on investment in
unconsolidated subsidiary  —           —           —             (2,349)
net of tax ^ (1)
Acquisition gain net of    —           —           —             3,803
tax ^ (2)
Operating earnings
attributable to AmTrust    $ 53,427    $ 40,697    $ 191,646     $ 179,451
Financial Services, Inc. ^
(3)
Reconciliation of diluted
earnings per share to                                         
diluted operating earnings
per share:
Diluted earnings per share $ 0.79      $ 0.56      $ 2.57        $ 2.52
Less: Net realized gain    0.04        0.01        0.09          0.03
(loss) net of tax
Non cash amortization of   (0.06)      (0.04)      (0.25)        (0.14)
certain intangible assets
Non cash interest on
convertible senior notes   0.01        —           (0.04)        —
net of tax
Foreign currency           0.03        (0.01)      —             (0.04)
transaction gain (loss)
Loss on investment in
unconsolidated subsidiary  —           —           —             (0.04)
net of tax ^ (1)
Acquisition gain net of    —           —           —             0.06
tax ^ (2)
Operating diluted earnings $ 0.77      $ 0.60      $ 2.77        $ 2.65
per share ^ (4)
Reconciliation of return
on equity to operating                                        
return on equity:
Return on equity           19.9%       17.6%       17.5%         21.2%
Less: Net realized gain    1.1%        0.3%        0.6%          0.2%
(loss) net of tax
Non cash amortization of   (1.8)%      (1.2)%      (1.7)%        (1.2)%
certain intangible assets
Non cash interest on
convertible senior notes   0.4%        —           (0.2)%        —
net of tax
Foreign currency           0.9%        (0.3)%      —             (0.3)%
transaction gain (loss)
Loss on investment in
unconsolidated subsidiary  —           —           —             (0.3)%
net of tax ^ (1)
Acquisition gain net of    —           —           —             0.5%
tax ^ (2)
Operating return on equity 19.3%       18.8%       18.8%         22.3%
^ (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
recorded this adjustment in 2011 and included it as part of equity in earnings
of unconsolidated subsidiaries (related parties), which was $1,467 and $4,882
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), certain
amortization expense, non-cash interest on convertible senior notes net of
tax, foreign currency transaction gain (loss), gain (loss) on investment in
unconsolidated subsidiary net of tax and acquisition gain net of tax 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 realized investment gain
(loss), certain amortization expense, non-cash interest on convertible senior
notes net of tax, foreign currency transaction gain (loss), gain (loss) on
investment in unconsolidated subsidiary net of tax and acquisition gain net of
tax 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 after-tax realized investment gain (loss), certain
amortization expense, non-cash interest on convertible senior notes net of
tax, foreign currency transaction gain (loss), gain (loss) on investment in
unconsolidated subsidiary net of tax and acquisition gain net of tax 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,
                                  2012      2011      2012        2011
Gross written premium                                           
Small Commercial Business          $ 243,659 $ 149,081 $ 933,740   $ 609,822
Specialty Risk and Extended        351,596   306,768   1,118,710   1,056,511
Warranty
Specialty Program                  149,939   105,590   578,735     381,541
Personal Lines Reinsurance         28,451    25,322    118,141     102,598
                                  $ 773,645 $ 586,761 $ 2,749,326 $ 2,150,472
Net written premium                                             
Small Commercial Business          $ 117,729 $ 85,779  $ 474,381   $ 355,721
Specialty Risk and Extended        174,029   176,600   624,555     615,563
Warranty
Specialty Program                  92,803    57,293    430,960     202,715
Personal Lines Reinsurance         28,451    25,322    118,141     102,598
                                  $ 413,012 $ 344,994 $ 1,648,037 $ 1,276,597
Net earned premium                                              
Small Commercial Business          $ 106,863 $ 94,494  $ 416,565   $ 320,266
Specialty Risk and Extended        148,658   125,773   541,573     446,765
Warranty
Specialty Program                  98,796    53,520    348,568     171,375
Personal Lines Reinsurance         29,070    25,606    112,146     98,455
                                  $ 383,387 $ 299,393 $ 1,418,852 $ 1,036,861
Loss Ratio:                                                     
Small Commercial Business          65.1%     63.0%     65.0%       63.0%
Specialty Risk and Extended        66.8%     64.3%     63.0%       66.6%
Warranty
Specialty Program                  68.5%     67.7%     68.4%       66.9%
Personal Lines Reinsurance         64.5%     68.7%     64.5%       65.2%
Total                              66.6%     64.9%     65.0%       65.4%
Expense Ratio:                                                  
Small Commercial Business          26.1%     27.2%     26.6%       26.8%
Specialty Risk and Extended        17.9%     19.0%     19.1%       17.9%
Warranty
Specialty Program                  26.9%     27.9%     28.2%       27.6%
Personal Lines Reinsurance         30.5%     30.0%     30.5%       31.8%
Total                              23.5%     24.1%     24.4%       23.6%
Combined Ratio:                                                 
Small Commercial Business          91.2%     90.1%     91.6%       89.9%
Specialty Risk and Extended        84.7%     83.4%     82.1%       84.5%
Warranty
Specialty Program                  95.4%     95.6%     96.6%       94.6%
Personal Lines Reinsurance         95.0%     98.7%     95.0%       97.1%
Total                              90.1%     89.0%     89.5%       89.0%

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

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