AmTrust’s Reinsurer Reports Loss, Unloads Reserves

Maiden Holdings, the Bermuda-based reinsurer that receives about 40% of AmTrust’s premium under a quota share agreement, announced a major loss due largely to unfavorable reserve development principally on its AmTrust workers’ comp business. The companies were founded by the same family and remain related. The news was released just hours after Maiden reached a … Read More »

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Shake Up In Excess Workers’ Comp Markets

Safety National Casualty Corp. remained the major player in California’s excess workers’ comp market last year with just under $90 million in written premium, but behind it the market was turned upside down. AmTrust tumbled ten places in the annual rankings as over $50 million in excess premium moved to other carriers amid the company’s … Read More »

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Berkshire Hathaway Group Makes History

The State Compensation Insurance Fund is no longer California’s largest writer of workers’ compensation coverage in California. The Berkshire Hathaway Group (NYSE: BRK.A) replaced the quasi-governmental carrier as number one during 2017. It is believed that this is the first time in its history that State Fund is not the largest writer of workers’ comp … Read More »

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AmTrust’s Delayed Financials: Big 2017 Loss

AmTrust Financial Services’ (Nasdaq: AFSI) 2017 year-end financials shows the Group with a net loss of nearly $335 million. Compare that to net income of $430 million in 2016 and $458 million in 2015. A spike in losses and loss adjustment expenses drove much of the net loss and ballooned its combined ratio from 93.7% … Read More »

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NAIC Top 25 Movers & Shakers

UPDATE: After Workers’ Comp Executive’s deadline the National Association of Insurance Commissioners updated its Top 25 list with new workers’ comp premium totals. The new data includes an additional $1 billion in premium for the AmTrust companies, which moves the group back into the Top 5 at number 4 (see updated chart). An AmTrust official … Read More »

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AmTrust Year-End Financials Delayed

UPDATE: After Workers’ Comp Executive’s deadline the National Association of Insurance Commissioners updated its Top 25 list with new workers’ comp premium totals. The new data includes an additional $1 billion in premium for the AmTrust companies, which makes the carrier the fourth largest in the nation rather than the eighth largest as NAIC originally … Read More »

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AmTrust Approves $2.7B Buyout

AmTrust Financial Services Inc. (Nasdaq: AFSI) signed a definitive agreement to be taken private after the investor group led by senior management boosted its offer price from $12.25 to $13.50 per share. The offer is a 33% premium over the price AmTrust was trading at when the deal was originally announced. The deal is expected … Read More »

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AmTrust Going Private?

Major investors in AmTrust Financial Services (Nasdaq: AFSI) are backing a plan to take the carrier private. The proposed deal would pay a 20.8% premium over the Jan. 8, 2018 closing price of $10.14 a share. The offer price, as of now, is $12.25 per share in cash. The privatization effort is being led by … Read More »

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