Exhibit 99.1


MEDIA RELEASE
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AmTrust to Report Prior Period Development of $327 Million and Utilize the Full Benefit of the Adverse Loss Development Cover

Prior Accident Years Continue to Demonstrate Profitability

Adverse Development Results in a Reduction of Book Value and a Deferred Gain that will Amortize into Earnings Over the Recovery Period

No Impact on Consolidated Statutory Results or Capital

AmTrust Provides Additional Update on Third Quarter 2017 Catastrophe Losses

NEW YORK, November 6, 2017 (GLOBE NEWSWIRE) - 
AmTrust Financial Services, Inc. (Nasdaq: AFSI) (the “Company” or “AmTrust”) announced today prior year adverse loss and allocated loss adjustment expenses (“loss”) reserve development of $326.9 million on a pre-tax basis for the third quarter ended September 30, 2017. All prior year development was ceded to the Company’s adverse loss development cover agreement (“ADC”) with Premia Holdings Ltd. (“Premia”), which it entered into in the second quarter of 2017, resulting in a deferred reinsurance gain now totaling $337 million on AmTrust’s balance sheet that will be accretive to GAAP book value over AmTrust’s claims settlement period.

With the reporting of third quarter 2017 results, the Company plans to provide Adjusted Book Value and Adjusted Book Value per common share(2), which are non-GAAP measures, which will include the deferred reinsurance gain(3) to reflect management’s view of the actual present economic value of the ADC. Management believes that these non-GAAP measures are useful in providing investors a meaningful measure of the Company’s total underwriting capital.

The ADC provided up to $400 million of reinsurance for adverse net loss reserve development in excess of AmTrust’s stated net loss reserves as of March 31, 2017, of approximately $6.59 billion, and covers AmTrust’s exposures through April 1, 2017. Year-to-date through September 30, 2017, the Company has recorded $400 million of adverse loss reserve development ceded to the ADC, including $73.1 million of charges recorded in the second quarter of 2017.

“With this reserving action and the transactions we have announced earlier this year and today, we have transformed the Company’s balance sheet and established the strongest capital profile in AmTrust’s history,” said Barry Zyskind, Chairman and Chief Executive Officer, AmTrust. “With our large capital base and disciplined underwriting approach, we are well positioned to continue to be a leading provider of small commercial business insurance and warranty coverage globally. Our two core operating segments of Small Commercial Business and Specialty Risk and Extended Warranty, representing approximately 80% of our gross written premium, continue to perform strongly.”

Adam Karkowsky, EVP and Chief Financial Officer said, “We continue to execute on our plan of strengthening our balance sheet and taking action when our rigorous actuarial process provides opportunity to adjust reserves accordingly. With this reserve charge, we have utilized the full benefit of the ADC and believe that we have increased certainty around reserves associated with accident years 2016 and prior. In Q3 2017, IBNR represented 56% of our total net reserves, compared to 55% in Q2 2017 and 52% in Q3 2016. We believe we have established a reserve base that mitigates uncertainty on previous accident years and we are exercising more caution on the 2017 accident year to insulate the Company from future reserve volatility.”




The following information was filed by Amtrust Financial Services, Inc. (AFSI) on Monday, November 6, 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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