A.M. Best Assigns “A-” (Excellent) Rating and Stable Outlook to Insurance Subsidiaries of AmTrust Financial Services, In...
03 Julho 2018 - 3:24PM
A.M. Best categorizes AmTrust’s balance sheet as
“very strong”
AmTrust Financial Services, Inc. (Nasdaq:AFSI) (“AmTrust” or the
“Company”) announced today that A.M. Best has removed AmTrust’s
rating from under review with negative implications, and assigned
AmTrust’s insurance subsidiaries a Financial Strength Rating of
“A-” (Excellent) with a Stable outlook.
In its press release announcing the rating action, A.M. Best
noted AmTrust’s balance sheet strength, which it categorizes as
“very strong”. AmTrust’s risk-adjusted capitalization, as measured
by Best’s Capital Adequacy Ratio (BCAR), improved through the first
quarter of 2018, due largely to the sale of a majority interest in
a portion of AmTrust’s U.S.-based service and fee business.
Barry Zyskind, Chairman and CEO of AmTrust, said, “With the
completion of A.M. Best’s review and the issuance of an “A-”
(Excellent) rating, with a Stable outlook, we can move forward with
certainty and confidence in AmTrust’s ability to support its
business globally and capitalize on opportunities for the long
term. On behalf of the Karfunkel-Zyskind Family and our
partner Stone Point Capital, we remain fully committed to our
proposed transaction to take AmTrust private and are looking
forward to continuing to serve our clients, agents, partners and
policyholders.”
A.M. Best stated in its press release: “The ability of
management to assess its long-term business plans removed from the
shorter-term focus of public equity markets should allow for
improved development and implementation of those plans.”
About AmTrust Financial Services, Inc. AmTrust
Financial Services, Inc., a multinational insurance holding company
headquartered in New York, offers specialty property and casualty
insurance products, including workers' compensation, commercial
automobile, general liability and extended service and warranty
coverage through its primary insurance subsidiaries rated "A-"
(Excellent) by A.M. Best. AmTrust is included in the Fortune 500
list of largest companies. For more information about AmTrust visit
www.amtrustfinancial.com.
About Stone Point Capital
Stone Point Capital LLC (www.stonepoint.com) is a financial
services-focused private equity firm based in Greenwich, CT. The
firm has raised and managed seven private equity funds – the
Trident Funds – with aggregate committed capital of approximately
$19 billion. Stone Point targets investments in the global
financial services industry, including investments in companies
that provide outsourced services to financial institutions, banks
and depository institutions, asset management firms, insurance and
reinsurance companies, insurance distribution and other
insurance-related businesses, specialty lending and other credit
opportunities, mortgage services companies and employee benefits
and healthcare companies.
Forward Looking Statements
This news release contains certain forward-looking statements
that are intended to be covered by the safe harbors created by the
Private Securities Litigation Reform Act of 1995. When we use words
such as "anticipate," "intend," "plan," "believe," "estimate,"
"expect," or similar expressions, we do so to identify
forward-looking statements. Examples of forward-looking statements
include the plans and objectives of management for future
operations, including those relating to future growth of our
business activities and availability of funds, and estimates of the
impact of material weaknesses in our internal control over
financial reporting, and are based on current expectations that
involve assumptions that are difficult or impossible to predict
accurately and many of which are beyond our control. Actual results
may differ materially from those expressed or implied in these
statements as a result of significant risks and uncertainties,
including, but not limited to, the occurrence of any event, change
or other circumstances that could give rise to the termination of
the merger agreement, the failure to satisfy conditions to
completion of the proposed merger, risks that the proposed
transaction disrupts current plans and operations, the ability to
recognize the benefits of the merger, the amount of the costs,
fees, expenses and charges related to the merger, non-receipt of
expected payments from insureds or reinsurers, changes in interest
rates, changes in tax laws, the effect of the performance of
financial markets on our investment portfolio, the amounts, timing
and prices of any share repurchases made by us under our share
repurchase program, development of claims and the effect on loss
reserves, accuracy in projecting loss reserves, the cost and
availability of reinsurance coverage, the effects of emerging claim
and coverage issues, changes in the demand for our products, our
degree of success in integrating acquired businesses, the effect of
general economic conditions, state and federal legislation,
regulations and regulatory investigations into industry practices,
our ability to timely and effectively remediate the material
weakness in our internal control over financial reporting and
implement effective internal control over financial reporting and
disclosure controls and procedures in the future, access to public
markets to raise debt or equity capital, risks associated with
conducting business outside the United States, the impact of
Brexit, developments relating to existing agreements, disruptions
to our business relationships with Maiden Holdings, Ltd. or
National General Holdings Corp., breaches in data security or other
disruptions with our technology, any inability to keep pace with
technological advances, heightened competition, changes in pricing
environments, changes in asset valuations and the results of legal
proceedings, including litigation relating to the proposed merger.
Additional information about these risks and uncertainties, as well
as others that may cause actual results to differ materially from
those projected, is contained in our filings with the SEC,
including our Annual Report on Form 10-K and our quarterly reports
on Form 10-Q. The projections and statements in this news release
speak only as of the date of this news release and we undertake no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
AmTrust Financial Services Chaya
CooperbergChief Communications Officer & EVP Corporate
Affairschaya.cooperberg@amtrustgroup.com(646) 458-3332
Hunter HoffmannGlobal Director of Public
RelationsHunter.Hoffmann@amtrustgroup.com646.458.3362
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