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Amtrust Financial Services, Inc. (AFSI) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Amtrust Financial Services, Inc.

CIK: 1365555 Ticker: AFSI


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AmTrust Financial Services, Inc. Reports Second Quarter 2017 Net Income Per Diluted Share of $0.03 and Operating Earnings Per Diluted Share(1) of $0.40

Transformative Steps Undertaken in Second Quarter to Increase Certainty and Confidence in Long-Term Financial Strength
Enhanced Balance Sheet and Capital Base with $300 Million Common Equity Raise in the Quarter
Entered Reinsurance Agreement to Cover Loss Development of up to $400 Million

Second Quarter 2017 Highlights

Second quarter gross written premium of $2.2 billion and net earned premium of $1.4 billion, up 6.1% and 16.8%, respectively, from the second quarter 2016
Second quarter service and fee income of $168.4 million, up 35.5% from the second quarter 2016
Second quarter net income attributable to common stockholders of $5.8 million, or $0.03 per diluted share, compared to $127.2 million, or $0.73 per diluted share, in the second quarter 2016
Second quarter operating earnings(1) of $72.9 million, or $0.40 per diluted share, compared to $135.3 million, or $0.77 per diluted share, in the second quarter 2016
Second quarter gain of $68.4 million on sale of 10.6 million shares of National General stock
Second quarter loss ratio of 74.2% compared with 66.4% in the second quarter of 2016
Second quarter loss ratio of 68.9% after giving effect to the adverse development cover
Second quarter combined ratio of 101.2% compared with 91.3% in the second quarter 2016
Adjusted combined ratio of 95.9%, after giving effect to the adverse development cover, versus 91.3% in the second quarter 2016
Second quarter annualized return on common equity and annualized operating return on common equity of 0.9% and 11.4%, respectively
Board of Directors approves payment of quarterly dividend on common stock of $0.17

NEW YORK, August 8, 2017 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq: AFSI) ("the Company" or "AmTrust") today announced second quarter 2017 net income attributable to common stockholders of
$5.8 million, or $0.03 per diluted share, compared to $127.2 million, or $0.73 per diluted share in the second quarter 2016. For the second quarter 2017, operating earnings(1) was $72.9 million, or $0.40 per diluted share, compared to $135.3 million, or $0.77 per diluted share, in the second quarter 2016.
Net income and operating earnings in the current quarter were impacted by catastrophe losses of $16.1 million after-tax, or $0.09 per diluted share, ($24.8 million pre-tax).
“We took transformative steps in the second quarter, executing on a number of strategic initiatives to increase certainty and confidence in AmTrust’s long-term financial strength, and appointing a new CFO.” said Barry Zyskind, Chairman and Chief Executive Officer, AmTrust. “In particular, we enhanced our balance sheet and capital base through a $300 million common equity raise to further support our insurance business and organic growth opportunities. Our sale of approximately 86% of our equity position in National General simplifies our balance sheet and reduces concentration in our investment portfolio composition. The reinsurance agreement we entered provides up to $400 million of coverage for adverse net loss reserve development, in excess of our stated net loss reserves as of March 31, 2017, to insulate AmTrust from future reserve volatility. We undertook these actions with a long-term view for the Company and our shareholders, to demonstrate strength and stability to all of our partners, brokers, agents, and insureds, and to enhance our earnings consistency.”



1

The following information was filed by Amtrust Financial Services, Inc. (AFSI) on Tuesday, August 8, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (parenthetical)
Consolidated Statement Of Comprehensive Income (unaudited)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Income (unaudited)
Consolidated Statements Of Income (unaudited) (parenthetical)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Acquisitions - Purchase Price Allocation (details)
Basis Of Reporting
Commitments And Contingencies
Debt
Debt (tables)
Debt - Borrowings (detail)
Debt - Credit Facilities (details)
Debt - Interest Expense (details)
Debt - Promissory Note (details)
Debt - Secured Loan Agreement (details)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Summary Of Elements Used In Calculating Basic And Diluted Earnings Per Share (detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments - Additional Information (details)
Fair Value Of Financial Instruments - Assets And Financial Liabilities On Recurring Basis (detail)
Fair Value Of Financial Instruments - Changes In Fair Value Of Level 3 Financial Assets And Liabilities (detail)
Fair Value Of Financial Instruments - Fair Value Of Portfolio Of Life Insurance Policies (detail)
Fair Value Of Financial Instruments - Increase Or (decrease) In Carrying Value Of Investment In Life Insurance Policies (detail)
Fair Value Of Financial Instruments - Reconciliation (details)
Fair Value Of Financial Instruments -fair Value Of Debt (details)
Income Taxes
Income Taxes - Additional Information (detail)
Investment In Life Settlements
Investment In Life Settlements (tables)
Investment In Life Settlements - Additional Information (detail)
Investment In Life Settlements - Expected Maturity Term In Years (detail)
Investment In Life Settlements - Premiums To Be Paid (detail)
Investments
Investments (realized Gains And Losses (details)
Investments (tables)
Investments (trading Securities) (details)
Investments - Additional Information (details)
Investments - Amortized Cost, Estimated Market Value And Gross Unrealized Appreciation And Depreciation Of Available-for-sale Securities (details)
Investments - Fair Values Of Restricted Assets (details)
Investments - Net Investment Income (details)
Investments - Summary Of Available For Sale Fixed Securities By Contractual Maturity (details)
Investments - Summary Of Gross Unrealized Losses Of Fixed-maturities And Equity Securities (details)
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)
Recent Accounting Pronouncements
Reinsurance Agreement
Reinsurance Agreement (details)
Related Party Transactions
Related Party Transactions (nghc) (details)
Segments
Segments (tables)
Segments - Long Lived Assets And Total Assets Of Business Segments (detail)
Segments - Results Of Operations Of Business Segments (detail)
Shareholder Equity And Accumulated Other Comprehensive Income (loss)
Shareholder Equity And Accumulated Other Comprehensive Income (loss) (tables)
Shareholder's Equity And Accumulated Other Comprehensive Income (loss) - Aoci (details)
Shareholder's Equity And Accumulated Other Comprehensive Income (loss) - Narrative (details)
Shareholder's Equity And Accumulated Other Comprehensive Income (loss) - Ownership Components Of Total Equity (detail)
Ticker: AFSI
CIK: 1365555
Form Type: 10-Q Quarterly Report
Accession Number: 0001365555-17-000129
Submitted to the SEC: Wed Aug 09 2017 3:41:04 PM EST
Accepted by the SEC: Wed Aug 09 2017
Period: Friday, June 30, 2017
Industry: Fire Marine And Casualty Insurance

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