A.M. Best Assigns Debt Rating to AmTrust Financial Services, Inc.’s Forthcoming Senior Notes

  A.M. Best Assigns Debt Rating to AmTrust Financial Services, Inc.’s
  Forthcoming Senior Notes

Business Wire

OLDWICK, N.J. -- August 13, 2013

A.M. Best Co. has assigned a debt rating of “bbb” to the forthcoming $250
million 6.125% senior unsecured notes, due August 2023 of AmTrust Financial
Services Inc. (AmTrust) (headquartered in New York, NY) [NASDAQ: AFSI]. The
outlook assigned to the rating is stable. All remaining ratings of AmTrust and
its subsidiaries are unchanged. (For further information, please see A.M.
Best’s press release dated May 24, 2013).

The proceeds from the issuance will be used in the continued support and
development of AmTrust’s business and for other general corporate purposes.
With the issuance of these senior notes, AmTrust’s adjusted debt-to-total
capital and adjusted debt-to-tangible capital have risen to their highest
historical levels at approximately 27% and 40%, respectively. However, these
measures are within A.M. Best’s guidelines for AmTrust’s current rating level.
In addition, AmTrust’s interest coverage ratio is expected to remain adequate
for its rating.

The methodology used in determining these ratings is Best’s Credit Rating
Methodology, which provides a comprehensive explanation of A.M. Best’s rating
process and contains the different rating criteria employed in the rating
process. Best’s Credit Rating Methodology can be found at

A.M. Best Company is the world’s oldest and most authoritative insurance
rating and information source. For more information, visit www.ambest.com.

       Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.


A.M. Best Co.
Brian O’Larte, 908-439-2200, ext. 5138
Senior Financial Analyst
Michael Lagomarsino, CFA, 908-439-2200, ext. 5810
Assistant Vice President
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
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