A.M. Best Assigns Rating to AmTrust Financial Services, Inc.'s New Shelf Registration

  A.M. Best Assigns Rating to AmTrust Financial Services, Inc.'s New Shelf

Business Wire

OLDWICK, N.J. -- November 6, 2013

A.M. Best Co. has assigned indicative ratings of “bbb” to senior unsecured
debt, “bbb-” to subordinated debt and “bb+” to the preferred stock of the
recently filed universal shelf registration of AmTrust Financial Services Inc.
(AmTrust) (headquartered in New York, NY) (NASDAQ:AFSI). The outlook assigned
to all ratings 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.)

As of June 30, 2013, 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 its current rating level. In addition, AmTrust’s
interest coverage ratio is expected to remain solid for its ratings.

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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