EX-99.1
2
v087568_ex99-1.htm
Unassociated Document
Exhibit
99.1
For
more information, please contact:
AmTrust
Financial Services, Inc.
Hilly
Gross
Ronald
E. Pipoly, Jr.
Vice
President, Investor Relations
Chief
Financial Officer
212-220-7120
x 7023
216-328-6116
hgross@amtrustgroup.com
rpipoly@amtrustgroup.com
For
immediate release
September
10, 2007
AmTrust
Financial Services, Inc. Closes Acquisition of Associated Industries Insurance
Services, Inc. and Associated Industries Insurance Company,
Inc.
(New
York) -
AmTrust
Financial Services, Inc. (NASDAQ: AFSI) announced today that it has completed
the acquisition of Associated Industries Insurance Services, Inc., a
Florida-based workers' compensation managing general agency, and its
wholly-owned subsidiary, Associated Industries Insurance Company, Inc., a
Florida workers' compensation insurer, also licensed in Alabama, Georgia and
Mississippi (collectively, "Associated"). The transaction was previously
announced on June 25, 2007.
AmTrust
and Associated have enjoyed a close business relationship since 2004 when
AmTrust acquired renewal rights to certain business from Associated and entered
into a Production and Administration Agreement pursuant to which Associated
produces business for AmTrust in the State of Florida. In 2006, Associated
produced approximately $130 million in gross written premium, $58 million of
which was written by the AmTrust subsidiary, Technology Insurance Company.
Barry
Zyskind, CEO and president of AmTrust Financial Services, Inc., stated, "The
acquisition of Associated is the logical culmination of the close relationship
we have had with Associated for the past three years. We look forward to a
continued and profitable relationship, with Associated".
(more)
Page
2 of 2
About
AmTrust Financial Services, Inc.
AmTrust
Financial Services, Inc., headquartered in New York City, is a multinational
specialty property and casualty holding company, which, through its insurance
carriers, offers specialty property and casualty insurance products, including
workers' compensation, commercial automobile and general liability; extended
service and warranty coverage. For
more
information about AmTrust, visit www.amtrustgroup.com, or call AmTrust toll-free
at 866.203.3037.
Forward
Looking Statement
This
news
release contains "forward-looking statements" which are made pursuant to
the
safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
The
forward-looking statements are based on the Company's current expectations and
beliefs concerning future developments and their potential effects on the
Company. There can be no assurance that actual developments will be those
anticipated by the Company. Actual results may differ materially from those
projected as a result of significant risks and uncertainties, including
non-receipt of the expected payments, changes in interest rates, effect of
the
performance of financial markets on investment income and fair values of
investments, development of claims and the effect on loss reserves, accuracy
in
projecting loss reserves, the impact of competition and pricing environments,
changes in the demand for the Company's products, the effect of general economic
conditions, adverse state and federal legislation, regulations and regulatory
investigations into industry practices, developments relating to existing
agreements, heightened competition, changes in pricing environments, and changes
in asset valuations. The Company undertakes no obligation to publicly update
any
forward-looking statements.
###

EX - 99 . 1 2 v087568 _ ex99 - 1 . htm Un associated Document Exhibit 99 . 1 For more information , please contact : AmTrust Financial Services , Inc . Hilly Gross Ronald E . Pipoly , Jr . Vice President , Investor Relations Chief Financial Officer 212 - 220 - 7120 x 7023 216 - 328 - 6116 hgross@amtrustgroup.com rpipoly@amtrustgroup.com For immediate release September 10 , 2007 AmTrust Financial Services , Inc . Closes Acquisition of Associated Industries Insurance Services , Inc . and Associated Industries Insurance Company , Inc . ( New York ) - AmTrust Financial Services , Inc . ( NASDAQ : AFSI ) announced today that it has completed the acquisition of Associated Industries Insurance Services , Inc . , a Florida - based workers ' compensation managing general agency , and its wholly - owned subsidiary , Associated Industries Insurance Company , Inc . , a Florida workers ' compensation insurer , also licensed in Alabama , Georgia and Mississippi ( collectively , " Associated " ) . The transaction was previously announced on June 25 , 2007 . AmTrust and Associated have enjoyed a close business relationship since 2004 when AmTrust acquired renewal rights to certain business from Associated and entered into a Production and Administration Agreement pursuant to which Associated produces business for AmTrust in the State of Florida . In 2006 , Associated produced approximately $ 130 million in gross written premium , $ 58 million of which was written by the AmTrust subsidiary , Technology Insurance Company . Barry Zyskind , CEO and president of AmTrust Financial Services , Inc . , stated , " The acquisition of Associated is the logical culmination of the close relationship we have had with Associated for the past three years . We look forward to a continued and profitable relationship , with Associated " . ( more ) Page 2 of 2 About AmTrust Financial Services , Inc . AmTrust Financial Services , Inc . , headquartered in New York City , is a multinational specialty property and casualty holding company , which , through its insurance carriers , offers specialty property and casualty insurance products , including workers ' compensation , commercial automobile and general liability ; extended service and warranty coverage . For more information about AmTrust , visit www.amtrustgroup.com , or call AmTrust toll - free at 866 . 203 . 3037 . Forward Looking Statement This news release contains " forward - looking statements " which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 . The forward - looking statements are based on the Company 's current expectations and beliefs concerning future developments and their potential effects on the Company . There can be no assurance that actual developments will be those anticipated by the Company . Actual results may differ materially from those projected as a result of significant risks and uncertainties , including non - receipt of the expected payments , changes in interest rates , effect of the performance of financial markets on investment income and fair values of investments , development of claims and the effect on loss reserves , accuracy in projecting loss reserves , the impact of competition and pricing environments , changes in the demand for the Company 's products , the effect of general economic conditions , adverse state and federal legislation , regulations and regulatory investigations into industry practices , developments relating to existing agreements , heightened competition , changes in pricing environments , and changes in asset valuations . The Company undertakes no obligation to publicly update any forward - looking statements . # # #
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