AmTrust Announces Pricing of a $115 Million 6.75% Non-Cumulative Preferred Stock Offering NEW YORK, June 3, 2013 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company") today announced that it has priced an underwritten public offering of 4.6 million shares of its 6.75% Non-Cumulative Preferred Stock, Series A (the "Preferred Stock") with a liquidation preference of $25.00 per share, or $115 million in aggregate liquidation preference. The Company expects the offering to close on June 10, 2013, subject to customary closing conditions.Dividends will be payable on the liquidation preference amount, on a non-cumulative basis, when and if declared by the board of directors of the company, at a rate of 6.75% per annum, quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, beginning on September 15, 2013, from and including the date of original issuance.The Preferred Stock is not redeemable prior to June 10, 2018.After that date, the Company may redeem at its option, in whole or in part, the Preferred Stock at a redemption price of $25.00 per share plus any declared and unpaid dividends for prior dividend periods and accrued but unpaid dividends (whether or not declared) for the then current dividend period.The Company intends to apply to list the Preferred Stock for trading on the New York Stock Exchange. The Company expects to use the net proceeds from the offering for general corporate purposes. This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.The Preferred Stock may be offered only by means of a Prospectus Supplement and accompanying base Prospectus. You may obtain a copy of the Prospectus Supplement and accompanying Prospectus from the SEC atwww.sec.gov. Alternatively, the underwriters may arrange to send you these documents if you request them by contacting Morgan Stanley & Co. LLC, Attention Prospectus Department, 180 Varick Street, New York, NY 10014, or by email at firstname.lastname@example.org or from UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Specialist, (877) 827-6444, ext. 561 3884. 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, 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., National General Holdings Corp., 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. AFSI-F CONTACT: AmTrust Financial Services, Inc. Investor Relations Elizabeth Malone CFA email@example.com 646.458.7924 Hilly Gross firstname.lastname@example.org 646.458.7925 company logo
AmTrust Announces Pricing of a $115 Million 6.75% Non-Cumulative Preferred Stock Offering
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