AmTrust Financial Services, Inc. Reports Third Quarter 2013 Operating Earnings(1) of $65.1 Million and Net Income Available to

AmTrust Financial Services, Inc. Reports Third Quarter 2013 Operating
Earnings(1) of $65.1 Million and Net Income Available to Common Stockholders
of $58.2 Million

Book Value Per Common Share of $17.08, Up 10.3% Since December 31, 2012
Adjusted for 10% Stock Dividend

Financial Highlights

Third Quarter 2013

  *Gross written premium of $1.07 billion, up 45.8%, and net earned premium
    of $613.9 million, up 58.4% from the third quarter 2012
  *Operating diluted EPS^(1) of $0.83 compared to $0.64 in the third quarter
    2012
  *Annualized operating return on common equity^(1) of 21.0% and annualized
    return on common equity of 18.8%
  *Service and fee income of $90.0 million, up 101.9% from the third quarter
    2012
  *Operating earnings^(1) of $65.1 million compared to $48.8 million from the
    third quarter 2012
  *Net income available to common stockholders of $58.2 million compared to
    $43.2 million in the third quarter 2012
  *Diluted EPS of $0.74 compared with $0.56 in the third quarter 2012
  *Combined ratio of 89.6% compared to 90.2% in the third quarter 2012

YTD 2013

  *Gross written premium of $3.06 billion, up 54.8%, and net earned premium
    of $1.56 billion, up 50.5% over YTD 2012
  *Operating diluted EPS^(1) of $2.35 compared to $1.82 in YTD 2012
  *Annualized operating return on common equity^(1) of 20.2% and annualized
    return on common equity of 24.4%
  *Service and fee income of $238.6 million, up 102.0% from YTD 2012
  *Operating earnings^(1) of $182.7 million compared to $138.2 million in YTD
    2012
  *Net income available to common stockholders of $220.9 million compared to
    $122.7 million in YTD 2012
  *Diluted EPS of $2.84 compared with $1.61 in YTD 2012
  *Combined ratio of 90.2% compared to 89.2% in YTD 2012
  *Book value per common share of $17.08, up from $15.48 at December 31, 2012
  *Shareholders' equity was $1.39 billion as of September 30, 2013

NEW YORK, Nov. 5, 2013 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc.
(Nasdaq:AFSI) ("the Company") today reported third quarter 2013 operating
earnings^(1) of $65.1 million, or $0.83 per diluted share, an increase of
33.5%, compared to $48.8 million, or $0.64 per diluted share, in the third
quarter of 2012. Third quarter 2013 net income available to common
stockholders totaled $58.2 million, or $0.74 per diluted share, an increase of
39.5% from $43.2 million, or $0.56 per diluted share, in the third quarter
2012. Third quarter 2013 annualized operating return on common equity^(1) was
21.0% compared to 18.8% in the third quarter 2012. Third quarter 2013
annualized return on common equity was 18.8% compared to 16.7% in the third
quarter 2012.

During the first nine months of 2013, operating earnings^(1) totaled $182.7
million, or $2.35 per diluted share, an increase of 32.2%, compared to $138.2
million, or $1.82 per diluted share, in the first nine months of 2012. During
the first nine months of 2013, net income available to common stockholders
totaled $220.9 million, or $2.84 per diluted share, an increase of 81.8% from
$122.7 million, or $1.61 per diluted share, in the first nine months of 2012.
Year to date 2013 annualized operating return on equity^(1) was 20.2% compared
to 18.8% year to date 2012. Year to date annualized return on equity was 24.4%
compared to 16.6% year to date 2012. September 30, 2013 book value per share
rose 10.3% to $17.08 from $15.48 as of December 31, 2012. Per share results
for the third quarter and nine months reflect a 10% stock dividend declared by
the Board of Directors on August 6, 2013.

Third Quarter 2013 Results

Total revenue was $796.5 million, an increase of $294.0 million, or 58.5%,
from $502.5 million in the third quarter 2012. Gross written premium was $1.07
billion, an increase of $337.6 million, or 45.8%, from $736.6 million in the
same period a year ago. Net written premium of $728.8 million rose $245.1
million, or 50.7%, from $483.7 million in the third quarter 2012. Net earned
premium of $613.9 million increased $226.4 million, or 58.4%, from $387.4
million in the second quarter 2012.

Commission and other revenues of $182.6 million increased $67.5 million, or
58.7%, from $115.1 million in the third quarter 2012 and represented 22.9% of
total revenue in third quarter 2013 compared to 22.9% in third quarter 2012.
The combined ratio was 89.6% compared with 90.2% in third quarter 2012.

Ceding commissions, primarily related to the reinsurance agreements with
Maiden Holdings, Ltd. ("Maiden"), totaled $68.2 million, up 36.8% from $49.9
million in the third quarter 2012. During the three months ended September 30,
2013, AmTrust ceded $240.6 million of gross written premium and $232.4 million
of earned premium to Maiden compared to $189.7 million of gross written
premium and $179.1 million of earned premium ceded in the third quarter 2012.

Total service and fee income of $90.0 million increased $45.4 million, or
101.9%, from $44.6 million in third quarter of 2012 and included $11.7 million
from related parties in the third quarter 2013 compared with $7.2 million in
the third quarter 2012.

Investment income, excluding net realized gains and losses, totaled $23.3
million, an increase of 26.4% from $18.4 million in the third quarter of 2012.
In addition, third quarter 2013 results included net realized investment gains
of $1.1 million, or $0.7 million after-tax, on certain fixed income and equity
investments compared with net realized gains of $2.2 million, or $1.4 million
after-tax, in the third quarter of 2012.

The Company's net gain on life settlements including non-controlling interest
was $76,000 compared to a net gain of $3.3 million in the third quarter of
2012. Operating earnings^(1) included a gain on life settlement contracts of
$42,000, net of non-controlling interest, compared to a gain of $1.0 million,
net of non-controlling interest in the third quarter of 2012.

Loss and loss adjustment expense totaled $410.6 million in the third quarter
2013, an increase of $154.9 million from $255.6 million in the third quarter
2012 and resulted in a loss ratio of 66.9% compared with 66.0% for the third
quarter 2012.

Acquisition costs and other underwriting expense of $207.8 million increased
$64.1 million from $143.7 million for the third quarter 2012. Acquisition
costs and other underwriting expenses less ceding commissions totaled $139.6
million compared with $93.9 million in the third quarter 2012. The expense
ratio was 22.7%, down from 24.2% in the third quarter 2012.

Other expense of $79.0 million increased $36.6 million from $42.3 million in
the third quarter 2012.

Year-to-Date 2013 Results

Total revenue was $2.08 billion, an increase of $0.73 billion, or 54.4%, from
$1.35 billion YTD 2012. Gross written premium was $3.06 billion, an increase
of $1.08 billion, or 54.8%, from $1.98 billion YTD 2012. Net written premium
was $1.90 billion, an increase of $0.67 billion, or 53.9%, from $1.24 billion
YTD 2012.Net earned premium of $1.56 billion increased $0.52 billion, or
50.5%, from $1.04 billion YTD 2012.

Commission and other revenues of $522.4 million increased $210.6 million, or
67.5%, from $311.9 million YTD 2012 and represented 25.1% of total revenue
compared to 23.1% YTD 2012. The combined ratio was 90.2% compared with 89.2%
YTD 2012.

Ceding commissions, primarily related to the reinsurance agreements with
Maiden, totaled $199.3 million, up 41.7% from $140.7 million a year ago.
During the nine months ended September 30, 2013, AmTrust ceded $829.4 million
of gross written premium and $712.0 million of earned premium to Maiden
compared to $576.9 million of gross written premium and $515.4 million of
earned premium ceded YTD 2012.

Total service and fee income of $238.6 million increased $120.5 million, or
102.0%, from $118.1 million YTD 2012 and included $36.6 million from related
parties in the first nine months 2013, compared with $20.2 million YTD 2012.

Investment income, excluding net realized gains and losses, totaled $64.0
million, an increase of 29.9% from $49.3 million in YTD 2012. In addition, YTD
2013 results included net realized investment gains of $20.5 million, or $13.3
million after-tax, on certain fixed income and equity investments compared
with a gain of $3.8 million, or $2.4 million after-tax, YTD 2012.

In the first nine months of 2013, net gain on life settlements including
non-controlling interest was $80,000 compared to $5.3 million YTD 2012.
Operating earnings^(1) included loss on life settlement contracts of $5,000
net of non-controlling interest compared to a gain of $2.2 million, net of
non-controlling interest YTD 2012.

Loss and loss adjustment expense totaled $1.05 billion in the first nine
months of 2013, an increase of $379.6 million from $667.4 million YTD 2012 and
resulted in a loss ratio of 67.2% compared with 64.5% YTD 2012.

Acquisition costs and other underwriting expense of $557.2 million increased
$159.7 million from $397.5 million YTD 2012. Acquisition costs and other
underwriting expenses less ceding commissions totaled $357.9 million compared
with $256.8 million YTD 2012. The expense ratio was 23.0%, down from 24.8% YTD
2012.

Other expense of $212.1 million increased $101.8 million from $110.3 million
YTD 2012.

Total assets of approximately $10 billion increased $2.5 billion, or 33.5%,
from $7.4 billion at December 31, 2012. Total cash, cash equivalents and
investments of $3.8 billion increased $1.12 billion, or 41.6%, from $2.70
billion as of December 31, 2012. Shareholders' equity of $1.39 billion
increased 21.4% from $1.14 billion at December 31, 2012.

On August 12, 2013, the Company completed the sale of ten-year senior notes at
6.125% in the aggregate amount of $250 million. As of September 30, 2013, the
Company's long-term debt-to-capitalization ratio was 28.7% compared with 20.9%
as of December 31, 2012.

In September 2013, the Company paid a ten percent stock dividend.As a result,
all prior year's share amounts have been adjusted.

During the first nine months of 2013, the Board of Directors declared three
quarterly per share cash dividends of $0.14. The Company completed a $115
million preferred share offering on June 10, 2013, for which it declared a
quarterly per share dividend of $0.4453 during the third quarter of 2013.

^(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 available to common stockholders, diluted earnings per share and return
on equity, in each case excluding after-tax net realized investment gain or
(loss) on securities, non-cash amortization of certain intangible assets,
non-cash interest on convertible senior notes net of tax, foreign currency
transaction gain or loss, gain resulting from a decrease in the ownership
percentage of an equity investment in an unconsolidated subsidiary (related
party) net of tax and acquisition gain, 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.

Conference Call:

On November 5, 2013 at 9:00 AM ET, CEO 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

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

A replay of the conference call will be available at approximately 12:00 p.m.
ET Tuesday, November 5, 2013 through Tuesday, November 12, 2013. 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 87404336, 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 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. 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 Holding 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     Nine Months Ended
                            September 30,          September 30,
                            2013         2012       2013         2012
Gross written premium        $1,074,137 $736,556 $3,058,673 $1,975,681
                                                              
Net written premium          $728,796   $483,659 $1,900,899 $1,235,025
Change in unearned premium   (114,901)    (96,212)   (342,471)    (199,560)
Net earned premium           613,895      387,447    1,558,428    1,035,465
Ceding commission (primarily 68,219       49,860     199,334      140,684
related party)
Service and fee income       89,981       44,561     238,596      118,110
Investment income, net       23,290       18,429     64,019       49,291
Net realized gain            1,112        2,213      20,463       3,768
Commission and other         182,602      115,063    522,412      311,853
revenues
Total revenue                796,497      502,510    2,080,840    1,347,318
Loss and loss adjustment     410,579      255,646    1,046,945    667,362
expense
Acquisition costs and other  207,819      143,736    557,198      397,474
underwriting expense
Other expense                78,980       42,337     212,117      110,296
Total expenses               697,378      441,719    1,816,260    1,175,132
Income before other,
provision for income taxes,
equity in earnings of        99,119       60,791     264,580      172,186
unconsolidated subsidiaries
and non-controlling interest
Other income (expense):                                        
Interest expense             (9,120)      (7,218)    (24,089)     (21,303)
Net gain on life settlement
contracts net of profit      76           3,251      80           5,302
commission
Foreign currency gain (loss) 368          (951)      2,423        (2,985)
Gain on acquisition          —            —          55,786       —
Total other income           (8,676)      (4,918)    34,200       (18,986)
(expenses)
Income before provision for
income taxes, equity in
earnings of unconsolidated   90,443       55,873     298,780      153,200
subsidiaries and
non-controlling interest
Provision for income taxes   32,681       13,187     87,808       36,106
Equity in earnings of
unconsolidated subsidiaries  1,927        3,207      10,537       8,659
(related party)
Net income                   59,689       45,893     221,509      125,753
Non-controlling interest     597          (2,663)    1,474        (3,079)
Net income attributable to   $60,286    $43,230  $222,983   $122,674
AmTrust stockholders
Dividends on preference      (2,048)      —          (2,048)      —
shares
Net income attributable to   $58,238    $43,230  $220,935   $122,674
AmTrust common stockholders
Operating earnings
attributable to AmTrust      $65,131    $48,796  $182,699   $138,219
common stockholders^(1)
Earnings per common share:                                     
Basic earnings per share     $0.78      $0.59    $2.98      $1.67
Diluted earnings per share   $0.74      $0.56    $2.84      $1.61
Operating diluted earnings   $0.83      $0.64    $2.35      $1.82
per share^(2)
Weighted average number of   74,275       73,452     74,053       73,161
basic shares outstanding
Weighted average number of   78,797       76,231     77,647       75,676
diluted shares outstanding
Combined ratio               89.6%        90.2%      90.2%        89.2%
Return on equity             18.8%        16.7%      24.4%        16.6%
Operating return on          21.0%        18.8%      20.2%        18.8%
equity^(3)
Reconciliation of net                                          
realized gain(loss):
Other-than-temporary         $ —         $ —       $ —         $(1,208)
investment impairments
Impairments recognized in    —            —          —            —
other comprehensive income
                            —            —          —            (1,208)
Net realized gains on sale   1,112        2,213      20,463       4,976
of investments
Net realized gains           $1,112     $2,213   $20,463    $3,768



AmTrust Financial Services, Inc.
Balance Sheet Highlights
(in thousands)
(Unaudited)

                                      September 30,2013 December 31, 2012
Cash, cash equivalents and investments $ 3,817,430        $ 2,696,402
Premium receivables                    1,474,887          1,251,262
Goodwill and intangible assets         594,892            514,967
Loss and loss expense reserves         3,615,536          2,426,400
Unearned premium                       2,537,401          1,773,593
Trust preferred securities             123,714            123,714
Convertible senior notes               163,444            161,218
Senior notes                           250,000            —
Preferred shares                       115,000            —
AmTrust's stockholders' equity         1,388,439          1,144,121
Book value per common share            $ 17.08            $ 15.48



AmTrust Financial Services, Inc.
Non-GAAP Financial Measures
(in thousands, except per share data)
(Unaudited)
                                                                
                                    Three Months Ended Nine Months Ended
                                    September 30,      September 30,
                                    2013      2012      2013       2012
Reconciliation of net income
attributable to AmTrust common                                   
stockholders to operating earnings:
Net income attributable to AmTrust   $58,238 $43,230 $220,935 $122,674
common stockholders
Less: Net realized gains (loss) net  723       1,438     13,301     2,449
of tax
Non cash amortization of certain     (7,482)   (3,728)   (20,790)   (11,791)
intangible assets
Non cash interest on convertible     (502)     (2,325)   (1,447)    (3,218)
senior notes net of tax
Foreign currency transaction gain    368       (951)     2,423      (2,985)
(loss)
Gain resulting from decrease in
ownership percentage of equity
investment in unconsolidated         —         —         5,619      —
subsidiary (related party) net of
tax
Acquisition gain net of tax          —         —         39,130     —
Operating earnings attributable to   $65,131 $48,796 $182,699 $138,219
AmTrust commonstockholders ^ (1)
Reconciliation of diluted earnings
per share to diluted operating                                   
earnings per share:
Diluted earnings per share           $0.74   $0.56   $2.84    $1.61
Less: Net realized gain (loss) net   0.01      0.02      0.17       0.03
of tax
Non cash amortization of certain     (0.10)    (0.06)    (0.27)     (0.16)
intangible assets
Non cash interest on convertible     —         (0.03)    (0.02)     (0.04)
senior notes net of tax
Foreign currency transaction gain    —         (0.01)    0.03       (0.04)
(loss)
Gain resulting from decrease in
ownership percentage of equity
investment in unconsolidated         —         —         0.07       —
subsidiary (related party) net of
tax
Acquisition gain net of tax          —         —         0.51       —
Operating diluted earnings per share $0.83   $0.64   $2.35    $1.82
^ (2)
Reconciliation of return on equity                               
to operating return on equity:
Return on equity                     18.8%     16.7%     24.4%      16.6%
Less: Net realized gain (loss) net   0.2%      0.5%      1.5%       0.4%
of tax
Non cash amortization of certain     (2.3)%    (1.3)%    (2.3)%     (1.7)%
intangible assets
Non cash interest on convertible     (0.2)%    (0.9)%    (0.2)%     (0.5)%
senior notes net of tax
Foreign currency transaction gain    0.1%      (0.4)%    0.3%       (0.4)%
(loss)
Gain resulting from decrease in
ownership percentage of equity
investment in unconsolidated         —%        —%        0.6%       —%
subsidiary (related party) net of
tax
Acquisition gain net of tax          —%        —%        4.3%       —%
Operating return on equity ^ (3)     21.0%     18.8%     20.2%      18.8%

(1) Operating earnings is a non-GAAP financial measure defined by the Company
as net income attributable to AmTrust commonstockholders less after-tax
realized investment gain (loss), non-cash amortization of certain intangible
assets, non-cash interest on convertible senior notes net of tax, 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 and acquisition gain, net of tax and should not be
considered an alternative to net income. The Company believes operating
earnings are a more relevant measure of the Company's profitability because
operating earnings 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 may not be comparable to similarly titled measures used by
other companies.

(2) Diluted operating earnings per share is a non-GAAP financial measure
defined by the Company as net income attributable to AmTrust common
stockholders less after-tax realized investment gain (loss), non-cash
amortization of certain intangible assets, non-cash interest on convertible
senior notes net of tax, 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 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 believes that diluted earnings per share provides
investors with a valuable measure of the Company's operating performance for
the same reasons that the underlying measure, operating earnings, is
considered a better measure of operatingperformance. The Company's measure of
diluted operating earnings per share may not be comparable to similarly titled
measures used by other companies.

(3) Operating return on equity is a non-GAAP financial measure defined by the
Company as net income attributable to AmTrust common stockholders less
after-tax realized investment gain (loss), non-cash amortization of certain
intangible assets, non-cash interest on convertible senior notes net of tax,
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 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 believes that
operating return on equity provides investors with a valuable measure of the
Company's operating performance for the same reasons that the underlying
measure, operating earnings, is considered a better measure of operating
performance.The Company's measure of operating return on equity may not be
comparable to similarly titled measures used by other companies.

                                    Three Months Ended Nine Months Ended
                                    September 30,      September 30,
                                    2013      2012      2013       2012
Reconciliation of net income
attributable to AmTrust common                                   
shareholders to income from
operations^(4):
Net income attributable to AmTrust   $58,238 $43,230 $220,935 $122,674
common stockholders
Less: Net realized gains (loss) net  723       1,438     13,301     2,449
of tax
Non cash amortization of certain     (7,482)   (3,728)   (20,790)   (11,791)
intangible assets
Non cash interest on convertible     (502)     (2,325)   (1,447)    (3,218)
senior notes net of tax
Foreign currency transaction gain    368       (951)     2,423      (2,985)
(loss)
Gain resulting from decrease in
ownership percentage of equity
investment in unconsolidated         —         —         5,619      —
subsidiary (related party) net of
tax
Acquisition gain net of tax          —         —         39,130     —
Preferred dividend                   (2,048)   —         (2,048)    —
Income from operations ^ (4)         $67,179 $48,796 $184,747 $138,219

(4) Income from Operations is a non-GAAP financial measure defined by the
Company as net income attributable to AmTrust common stockholders less
after-tax realized investment gain (loss), non-cash amortization of certain
intangible assets, non-cash interest on convertible senior notes net of tax,
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
preferred dividends and should not be considered an alternative to net income.
The Company believes income from operations is a more relevant measure of the
Company's profitability because income from operations 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 income from operations operating earnings 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     Nine Months Ended
                            September 30,          September 30,
                            2013         2012       2013         2012
Gross written premium                                          
Small Commercial Business    $423,328   $243,603 $1,189,088 $690,081
Specialty Risk and Extended  352,866      260,415    1,129,080    767,114
Warranty
Specialty Program            290,677      202,280    673,612      428,796
Personal Lines Reinsurance   7,266        30,258     66,893       89,690
                            $1,074,137 $736,556 $3,058,673 $1,975,681
Net written premium                                            
Small Commercial Business    $239,890   $133,492 $632,183   $356,652
Specialty Risk and Extended  247,383      137,106    722,097      450,526
Warranty
Specialty Program            234,257      182,803    479,726      338,157
Personal Lines Reinsurance   7,266        30,258     66,893       89,690
                            $728,796   $483,659 $1,900,899 $1,235,025
Net earned premium                                             
Small Commercial Business    $202,196   $123,806 $517,096   $309,702
Specialty Risk and Extended  246,382      115,735    595,686      392,915
Warranty
Specialty Program            139,016      119,243    361,170      249,772
Personal Lines Reinsurance   26,301       28,663     84,476       83,076
                            $613,895   $387,447 $1,558,428 $1,035,465
Loss Ratio:                                                    
Small Commercial Business    64.8%        66.0%      65.7%        65.0%
Specialty Risk and Extended  67.0%        62.9%      67.5%        61.6%
Warranty
Specialty Program            69.4%        69.3%      68.6%        68.3%
Personal Lines Reinsurance   69.3%        64.5%      68.1%        64.5%
Total                        66.9%        66.0%      67.2%        64.5%
Expense Ratio:                                                 
Small Commercial Business    24.6%        24.6%      25.2%        26.8%
Specialty Risk and Extended  17.3%        19.8%      17.8%        19.5%
Warranty
Specialty Program            28.3%        26.6%      26.6%        28.8%
Personal Lines Reinsurance   30.5%        30.5%      30.5%        30.5%
Total                        22.7%        24.2%      23.0%        24.8%
Combined Ratio:                                                
Small Commercial Business    89.4%        90.6%      90.8%        91.8%
Specialty Risk and Extended  84.2%        82.7%      85.3%        81.1%
Warranty
Specialty Program            97.6%        95.9%      95.2%        97.1%
Personal Lines Reinsurance   99.8%        95.0%      98.6%        95.0%
Total                        89.6%        90.2%      90.2%        89.2%

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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