Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

AmTrust Gains on Insurer’s First Buyback Plan Since 2007

Jan. 2 (Bloomberg) -- AmTrust Financial Services Inc. gained in New York trading after the insurer’s board approved the repurchase of as much as $150 million in shares following a stock slump last month.

The insurer rose 1.3 percent to $33.12 at 4 p.m.

The buyback plan is the company’s first since 2007 as Chief Executive Officer Barry Zyskind seeks to regain Wall Street’s confidence. AmTrust lost 22 percent in December after GeoInvesting, a website that provides research to subscribers, challenged the New York-based company’s accounting tied to its investment portfolio and insurance liabilities.

“Our future has never been brighter and our outlook is very positive,” Zyskind said in a Dec. 16 conference call held to respond to the stock’s decline. “We have never sold any shares and, on the contrary, have been buyers of the stock.”

AmTrust’s board in 2007 authorized repurchasing as many as 3 million shares. The company had bought back about 770,000 shares tied to that plan through the end of 2013, Elizabeth Malone, a spokeswoman, said in a telephone interview.

The timing and size of repurchases will be based on market conditions and liquidity needs, AmTrust said in a statement today.

To contact the reporter on this story: Alexandria Baca in New York at abaca3@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.