AmTrust Financial Services, Inc. Completes the Acquisition of Sequoia
Insurance Company and Its Subsidiaries
NEW YORK, April 22, 2013 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc.
(Nasdaq:AFSI) (the "Company") announced today that it completed the
acquisition of Sequoia Insurance Company and its subsidiaries, Sequoia
Indemnity Company and Personal Express Insurance Company ("Sequoia"), for
approximately $60 million.
Sequoia offers low hazard, property/casualty insurance products, including
workers' compensation and commercial package insurance, to small businesses in
several western states, with California representing Sequoia's largest market.
In 2012, Sequoia's gross written premium was approximately $140 million.
"We are excited to welcome the employees and customers of Sequoia to the
AmTrust family of companies," said AmTrust CEO and President Barry Zyskind.
"Sequoia's operation is well positioned to leverage AmTrust's balance sheet,
management experience and infrastructure to successfully expand our insurance
business in key markets, including California, where the prospects for
profitable growth are particularly attractive."
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.
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 with 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.
CONTACT: AmTrust Financial Services, Inc.
Elizabeth Malone CFA
Press spacebar to pause and continue. Press esc to stop.