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Amtrust Financial Services, Inc. (AFSI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Amtrust Financial Services, Inc.

CIK: 1365555 Ticker: AFSI

Exhibit 99.1
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AmTrust Financial Services, Inc. Provides Update on 10-K Filing
NEW YORK, March 16, 2017 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq: AFSI) (the “Company” or “AmTrust”) today stated that additional time is needed for the Company to complete its consolidated financial statements and assessment of internal controls over financial reporting for the fiscal year ended December 31, 2016, and, as a consequence, for the Company's auditor, KPMG LLP, to complete its audit procedures and audit of the consolidated financial statements included in the Form 10-K. Accordingly, the Company will file its Form 10-K for the year ended December 31, 2016 as soon as practicable.
In connection with the preparation and audit of the financial statements to be included in the Company’s Form 10-K for the year ended December 31, 2016, the Audit Committee of the AmTrust Board of Directors, in consultation with management and its current and former independent auditors, concluded that the Company’s previously issued consolidated financial statements for 2014 and 2015 (including for each of the four quarters of 2015) as well as for the first three quarters of 2016 should be restated and should no longer be relied upon. In addition, the Company’s earnings and press releases and similar communications, to the extent that they relate to the periods covered by these financial statements, as well as the Company’s fourth quarter and fiscal 2016 earnings release dated February 27, 2017, should no longer be relied upon. Additionally, the reports of BDO USA LLP, the Company’s former independent auditor, on the Company’s consolidated financial statements for 2014 and 2015, including its opinions on the effectiveness of internal control over financial reporting for such periods, likewise should no longer be relied upon.
Notwithstanding the foregoing and subject to final review by the Company and its independent auditors, management expects that the Company’s gross written premium, net earned premium, loss and loss adjustment expense, and loss ratio for fiscal years 2014 and 2015 will remain unchanged from the amounts previously disclosed in the Company’s prior year Forms 10-K. In addition, gross written premium, net earned premium, loss and loss adjustment expense and loss ratio for the fourth quarter and full year 2016, and loss and loss adjustment expense reserves as of December 31, 2016, will remain unchanged from the amounts disclosed in the Company’s earnings release dated February 27, 2017.
“The 10-K delay and restatement largely relate to the timing of recognition of revenue, as previously announced, in the Company’s service and fee business, which we expect will remain profitable in each of the fiscal years 2014, 2015 and 2016. In addition, we believe the corrections will have no material impact on the Company’s ongoing insurance operations, statutory entities or statutory surplus. We believe that AmTrust remains financially strong, and we continue to see opportunities for organic growth within our existing operations, as demonstrated by the gross written and net earned premiums that we recently reported. Notwithstanding these corrections, we are proud of the results that we expect to report for 2014, 2015 and 2016,” said Barry Zyskind, Chairman and Chief Executive Officer, AmTrust. “We are also making the necessary improvements in our finance and accounting resources to address the issues identified and better match AmTrust’s increased global reach. We appreciate the hard work of the AmTrust team and the support of KPMG in these efforts. We are confident in our ability to successfully move through this period and remain focused on leveraging our proprietary technology and efficient operating structure to enhance shareholder returns, best serve our customers and create exciting career growth and development opportunities for AmTrust employees.”

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The following information was filed by Amtrust Financial Services, Inc. (AFSI) on Thursday, March 16, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Amtrust Financial Services, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule I - Summary Of Investments Other Than Investments In Related Parties
Schedule I - Summary Of Investments Other Than Investments In Related Parties (details)
Schedule Ii - Condensed Financial Information Of Registrant
Schedule Ii -condensed Financial Information Of Registrant Balance Sheet (details)
Schedule Ii -condensed Financial Information Of Registrant Cash Flow (details)
Schedule Ii -condensed Financial Information Of Registrant Comprehensive Income (details)
Schedule Ii -condensed Financial Information Of Registrant Income Statement (details)
Schedule Iii - Supplementary Insurance Information
Schedule Iii - Supplementary Insurance Information (details)
Schedule Iv - Reinsurance
Schedule Iv - Reinsurance (details)
Schedule V - Consolidated Supplementary Property And Casulty Insurance Information
Schedule V - Consolidated Supplementary Property And Casulty Insurance Information (details)
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statement Of Comprehensive Income
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Income (parenthetical)
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
(additional Information) (details)
(amortized Cost, Estimated Market Value And Gross Unrealized Appreciation And Depreciation Of Available-for-sale Securities) (details)
(changes In Fair Value Of Level 3 Financial Assets And Liabilities) (details)
(fair Values Of Restricted Assets) (details)
(financial Assets And Financial Liabilities On Recurring Basis) (details)
(net Investment Income) (details)
(notional Amounts Of Interest Rate Swaps By Remaining Maturity) (details)
(other Than Temporary Investment) (details)
(otti, Credit Losses Recognized In Earnings) (details)
(summary Of Available For Sale Fixed Securities By Contractual Maturity) (details)
(summary Of Gross Unrealized Losses Of Fixed-maturities And Equity Securities) (details)
(summary Of Realized Gain And Loss) (details)
(trading Securities) (details)
(unrealized Gain And Losses) (details)
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (details)
Accrued Expenses And Other Liabilities (tables)
Acquisition Costs And Other Underwriting Expenses
Acquisition Costs And Other Underwriting Expenses (summary Of Components Of Acquisition Costs And Other Underwriting Expenses) (details)
Acquisition Costs And Other Underwriting Expenses (tables)
Acquisitions
Acquisitions (2016 Acquisitions) (details)
Acquisitions (additional Information) (details)
Acquisitions (purchase Price Allocation) (details)
Acquisitions (tables)
Acquisitions (trust Risk Group) (details)
Commitment And Contingencies
Commitment And Contingencies (acquisition Commitment) (details)
Commitment And Contingencies (employment Agreements) (details)
Commitment And Contingencies (lease Commitments) (details)
Commitment And Contingencies (tables)
Debt
Debt (2033-2037 Tps Notes - Summary) (details)
Debt (2035-2037 Tps Notes - Summary) (details)
Debt (additional Information) (details)
Debt (aggregate Scheduled Maturities Of Borrowings) (details)
Debt (amounts Recorded For Notes) (details)
Debt (borrowings) (details)
Debt (convertible Senior Notes) (details)
Debt (credit Facilities) (details)
Debt (interest) (details)
Debt (revolving Credit Agreement) (details)
Debt (secured Loan Agreement) (details)
Debt (subordinate Debt) (details)
Debt (subordinate Notes) (details)
Debt (tables)
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs (details)
Deferred Policy Acquisition Costs (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (additional Information) (details)
Fair Value Of Financial Instruments (fair Value Of Debt) (details)
Fair Value Of Financial Instruments (increase Or (decrease) In Carrying Value Of Investment In Life Insurance Policies) (details)
Fair Value Of Financial Instruments (portfolio Of Life Insurance Policies) (details)
Fair Value Of Financial Instruments (reconciliation) (details)
Fair Value Of Financial Instruments (tables)
Geographic Information
Geographic Information (components Of Income Before Equity In Earnings) (details)
Geographic Information (narrative) (details)
Geographic Information (operations By Geographic Segment) (details)
Geographic Information (tables)
Income Taxes
Income Taxes (additional Information) (details)
Income Taxes (components Of Income Taxes) (details)
Income Taxes (open Tax Years) (details)
Income Taxes (tables)
Income Taxes Income Taxes (deferred Tax Assets And Liability) (details)
Income Taxes Income Taxes (reconciliation Of Effective Tax Rate) (details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (amortization Expense) (details)
Intangible Assets And Goodwill (goodwill Rollforward) (details)
Intangible Assets And Goodwill (impairment Charge And Amortization Expense) (details)
Intangible Assets And Goodwill (narrative) (details)
Intangible Assets And Goodwill (schedule Of Finite Lived And Indefinite-lived Intangible Assets, Including Goodwill) (details)
Intangible Assets And Goodwill (tables)
Investment In Life Settlements
Investment In Life Settlements (additional Information) (details)
Investment In Life Settlements (investments In Life Settlements) (details)
Investment In Life Settlements (premiums To Be Paid) (details)
Investment In Life Settlements (tables)
Investments
Investments (tables)
Loss And Loss Adjustment Expense Reserves
Loss And Loss Adjustment Expense Reserves (reconciliation Of The Beginning And Ending Balances For Unpaid Losses And Lae) (details)
Loss And Loss Adjustment Expense Reserves (tables)
Nature Of Operations
Nature Of Operations (details)
Nature Of Operations (tables)
New Market Tax Credit
New Market Tax Credit (details)
Other Assets
Other Assets (details)
Other Assets (tables)
Property And Equipment, Net
Property And Equipment, Net (details)
Property And Equipment, Net (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Reinsurance
Reinsurance (details)
Reinsurance (tables)
Related Party Transactions
Related Party Transactions (maiden) (detail)
Related Party Transactions (nghc) (details)
Related Party Transactions (other Related Party Transactions) (details)
Related Party Transactions (significant Transaction With Acp) (details)
Related Party Transactions (tables)
Restatement Of Previously Issued Consolidated Financial Statements
Restatement Of Previously Issued Consolidated Financial Statements (balance Sheet) (details)
Restatement Of Previously Issued Consolidated Financial Statements (cash Flow) (details)
Restatement Of Previously Issued Consolidated Financial Statements (comprehensive Income) (details)
Restatement Of Previously Issued Consolidated Financial Statements (income Statement) (details)
Restatement Of Previously Issued Consolidated Financial Statements (narrative) (details)
Restatement Of Previously Issued Consolidated Financial Statements (non-printing) (details)
Restatement Of Previously Issued Consolidated Financial Statements (stockholders' Equity) (details)
Restatement Of Previously Issued Consolidated Financial Statements (tables)
Results Of Operations Related To Reinsurance Agreements (detail)
Segments
Segments (long Lived Assets And Total Assets Of Business Segments) (detail)
Segments (results Of Operations Of Business Segments) (detail)
Segments (tables)
Share Based Compensation
Share Based Compensation (fair Value Assumptions) (details)
Share Based Compensation (schedule Of Option Activity) (details)
Share Based Compensation (summary Of Restricted Stock And Rsu Activity) (details)
Share Based Compensation (tables)
Share Based Compensation (textual) (details)
Short Duration Contracts
Short Duration Contracts (details)
Short Duration Contracts (historical Claims) (details)
Short Duration Contracts (reconciliation) (details)
Short Duration Contracts (tables)
Significant Accounting Polices
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Statutory Financial Data, Risk Based Capital And Dividend Restrictions
Statutory Financial Data, Risk Based Capital And Dividend Restrictions (details)
Statutory Financial Data, Risk Based Capital And Dividend Restrictions (tables)
Stockholders' Equity
Stockholders' Equity (details)
Stockholders' Equity (stock Issuance) (details)
Stockholders' Equity (tables)
Subsequent Events
Subsequent Events - Additional Information (detail)
Ticker: AFSI
CIK: 1365555
Form Type: 10-K Annual Report
Accession Number: 0001365555-17-000059
Submitted to the SEC: Tue Apr 04 2017 6:18:56 AM EST
Accepted by the SEC: Tue Apr 04 2017
Period: Saturday, December 31, 2016
Industry: Fire Marine And Casualty Insurance

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