AmTrust Financial Services, Inc. Strengthens Senior Management Team with Appointment of Ariel Gorelik as SVP and Chief Information Officer

By: Jeff Hatch

August 23, 2017

AmTrust Financial Services, Inc. Strengthens Senior Management Team with Appointment of Ariel Gorelik as SVP and Chief Information Officer
 
AmTrust veteran Christopher Longo continues as Chief Operating Officer
 
NEW YORK, Aug. 16, 2017 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company" or "AmTrust") today announced that Ariel Gorelik, an experienced  global insurance industry executive and most recently Chief Operating Officer of AmTrust's AMT Warranty division, has been appointed Senior Vice President and Chief Information Officer (CIO), reporting to Chairman and Chief Executive Officer Barry Zyskind. Mr. Gorelik succeeds Christopher Longo who continues as EVP and Chief Operating Officer, appointed in 2016, who has guided technology development at AmTrust as the Company's CIO since 2006.
 
Mr. Gorelik will lead AmTrust's global IT organization, with a focus on operational excellence across the IT function. He is responsible for ensuring that AmTrust will continue to lead through technology innovation and capitalizing on technology solutions to help enable AmTrust fulfill its business goals. Mr. Gorelik's extensive operational leadership experience in the insurance sector includes expertise in centralization of operations and transformation of service delivery to improve customer satisfaction.
 
Mr. Gorelik joined AmTrust in 2014 as Senior Vice President AmTrust North America operations, and in January 2016 was promoted to Chief Operating Officer of AMT Warranty, one of the Company's operating subsidiaries in the U.S. Prior to joining AmTrust, from 2013 to 2014, Mr. Gorelik was a managing consultant of the ICON division for Zurich North America, a property and casualty insurer. From 2010 to 2013, he served as deputy chief operating officer at SK Allianz/Allianz Group, a German property and casualty insurer. He was responsible for the procurement, real estate management, and transportation departments, as well as for areas of IT relating to Allianz's core insurance system. He also led the organization's full automation of the policy life cycle. Prior to his role as deputy COO, Mr. Gorelik served as head of Allianz Eurasia's business services, where he established a shared service center with a number of back and middle office functions, including claims handling, P&C policy administration, payments, and call center.
 
"AmTrust has always led with technology and innovation, which have been a competitive differentiator for us," said Barry Zyskind, Chairman and Chief Executive Officer. "Under Ariel Gorelik's leadership as Chief Information Officer, we will continue to harness the power of our technology platforms and digital capabilities. Similarly, we now can maximize Chris Longo's management focus as AmTrust's Chief Operating Officer to enable us to undertake the initiatives and processes to optimize results across our business units and product and service offerings."
 
Mr. Zyskind continued, "With more than 400 knowledge developers within our IT staff of 1,000 men and women supported by in-house underwriting, actuarial and claims processing experience, innovation is in our DNA. Chris has been instrumental in developing our technology platforms and building our IT organization into the powerhouse it is today. He led the development of a single proprietary platform that allows us to continually improve the experience of our agents and our customers. It also allows us to develop new products and integrate emerging technologies quickly. With our IT function well established, Ariel, as Chief Information Officer, can move us further forward, utilizing his abilities to increase efficiencies across broad organizations and platforms, while enhancing the experience of our brokers, agents, and policyholders."

For more information, please contact:
 
AmTrust Financial Services, Inc.
Chaya Cooperberg
Chief Communications Officer & SVP Corporate Affairs
chaya.cooperberg@amtrustgroup.com
646.458.3332

Filed Under: AmTrust, Ariel, Financial, Gorelik

AmTrust Reports Second Quarter 2017 Net Income And Confidence In Long-Term Financial Strength

By: Jeff Hatch

August 09, 2017

AmTrust Financial Services, Inc. (Nasdaq:AFSI) 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 were $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 equity investment by members of the Karfunkel family 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."
 
Mr. Zyskind continued, "Our second quarter financial results reflect disciplined sales execution and high policy retention levels with gross written premium of $2.2 billion, up 6.1%. We are focused on maintaining underwriting and pricing rigor in our target markets, and are taking a conservative stance toward our book of business in order to support future profitability and balance sheet strength."
 
Second Quarter 2017 Results
 
Total revenue was $1.6 billion, an increase of $0.2 billion, or 18.2%, from $1.4 billion in the second quarter 2016. Gross written premium was $2.2 billion, an increase of $0.1 billion, or 6.1%, from $2.1 billion in the second quarter 2016. Net written premium was $1.4 billion, an increase of $0.1 billion, or 8.2%, compared to $1.3 billion in the second quarter 2016. Net earned premium was $1.4 billion, an increase of $0.2 billion, or 16.8%, from $1.2 billion in the second quarter 2016. The combined ratio was 101.2%, compared to 91.3% in second quarter 2016, and the adjusted combined ratio was 95.9%, after giving effect to the adverse development cover.
 
Year-to-Date 2017 Results
 
Total revenue was $3.1 billion, an increase of $0.4 billion, or 16.0%, from $2.6 billion YTD 2016. Gross written premium was $4.5 billion, an increase of $459.8 million, or 11.5%, from $4.0 billion YTD 2016. Net written premium was $2.7 billion, an increase of $0.2 billion, or 9.1%, compared to $2.5 billion YTD 2016. Net earned premium was $2.6 billion, an increase of $347.2 million, or 15.4%, from $2.3 billion YTD 2016. The combined ratio was 98.6% compared to 91.6% YTD 2016. The adjusted combined ratio was 95.8% compared to 91.6% YTD 2016.
 
A summary of Q2 results is listed below along with a link to the earnings release. 
 
Financial Highlights
 
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 of 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 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
 
To view AmTrust Financial Services’ Q2 earnings release, visit the Investor Relations section at http://ir.amtrustfinancial.com/index.cfm or click on the following link: http://ir.amtrustfinancial.com/releasedetail.cfm?ReleaseID=1036573 

Filed Under: 2017, AmTrust, earnings, financial, Q2, share, Warrantech

AmTrust Financial On Board as Diamond National Corporate Partner

By: Jeff Hatch

July 12, 2017

AmTrust Financial Services, a multinational provider of insurance and warranty services and parent company of NIADA Certified Pre-Owned program administrator Warrantech, has joined with NIADA as a Diamond-level National Corporate Partner.  
 
Operating through its partners and subsidiaries – Warrantech, AmTrust Specialty Risk, Warranty Solutions and NIADA Certified Pre-Owned – AmTrust offers dealerships unique, customized solutions designed to fit their specific business needs.
 
The AmTrust team includes automotive industry experts and vehicle service contract/insurance industry veterans, expertise that translates to a comprehensive perspective with insight that enables the company to uncover hidden growth opportunities and structure programs that offer a high-value proposition for dealers and their customers.
 
AmTrust’s real-world expertise guides its team of trainers to help dealers refine sales strategies and build customer loyalty and enhance brand image.
 
The company’s vertical integration allows it to provide any combination of program management solutions, from turnkey operations with full underwriting, marketing, dealer training, sales support and administration services to a la carte services and hybrid solutions. 
 
Last month, AmTrust announced it has been named to the prestigious Fortune 500 list for the first time. The list, which includes the largest companies in the U.S. by total revenue, is recognition of AmTrust’s financial strength and stability. The company’s revenue rose 18 percent in 2016, reaching $5.45 billion. 
 
AmTrust’s partnership with NIADA gives dealers access to the only nationally recognized independent CPO program, which lets your customers know your business and the vehicles you are selling are held to a higher standard.
 
For more information, visit www.amtrustgroup.com or call 800-723-1154.

Filed Under: AmTrust, corporate, Diamond, national, NIADA, partner, service, Warrantech, warranty

Our Financial Strength Is Your Peace Of Mind

By: Jeff Hatch

June 19, 2017

An extended service plan is a smart move. It confirms that you do indeed have a specific idea of how your products will be used and a reliable backup plan should anything go wrong. But in addition to giving time and thought to the type of coverage you’re interested in, it makes just as much sense to consider the company who will be backing your contract.  
With more than 30 years of leadership in service contract administration, Warrantech is comprised of industry veterans who average more than 23 years of experience in program evaluation and design. This wellspring of knowledge provides us with vast insight and enables our team to uncover hidden growth opportunities and structure programs that offer a high-value proposition for our partners and their customers. 
 
Warrantech is also a subsidiary of AmTrust Financial Services, Inc., one of the strongest, most financially secure insurance companies in the industry. With an unwavering focus on your success, we go out of our way to deliver unparalleled service excellence in all that we do. 
 
A.M. Best rating of “A” (Excellent)
Named to the 2017 Fortune 500 list
Ranked 63rd on Fortune Magazine’s Fastest Growing Companies 
Named “2014 Best-Managed Company (Insurance)” by Forbes magazine 
Recognized as the most “warranty-centric” company in the industry by Warranty Week
Ranked 6th nationwide in National Association of Insurance Commissioners (NAIC) March 2014 workers’ comp market share report
A+ rated and accredited by the Better Business Bureau
Publicly traded (NASDAQ: AFSI)
More than $23.9 billion in assets
Multinational operations with offices worldwide
 
Having this financial strength allows us to bundle both underwriting and administration. And, as a result, it creates complete transparency and visibility to information that enables our customers to change and create plans that are both highly customized and profitable.
 
So whether you’re a customer, retailer, dealer, distributor, or manufacturer in the consumer or automotive market, Warrantech has a knowledgeable team that can provide a customized solution that will work specifically for you. And, just as important, offer you the financial stability to back it up so you can rest assured that you’re getting the best plan possible.
 
For more information, visit www.warrantech.com or call 800.833.8801.

Filed Under: AmTrust, best, financial, forbes, fortune, stability, Warrantech

AmTrust Financial Services, Inc. Earns Distinction as Fortune 500 Company Following Record Year of Revenue

By: Jeff Hatch

June 07, 2017

Achievement Recognizes AmTrust's Long-Term Success
 
NEW YORK, June 07, 2017 (GLOBE NEWSWIRE) -- Warrantech's parent company, AmTrust Financial Services, Inc. (NASDAQ:AFSI) (the "Company" or "AmTrust"), today announced that the Company has been named to the prestigious Fortune 500 list for the first time. The list celebrates the largest companies in the U.S. by total revenue.
 
This achievement is a recognition of AmTrust's financial strength and stability and follows a year of record revenue for the company. AmTrust's total revenue in 2016 was $5.45 billion, an increase of 18% over the prior year.
 
Since its founding in 1998, AmTrust has grown into a multinational property and casualty insurer with nearly 8,000 employees in more than 125 offices serving 70 countries around the globe. In the U.S., AmTrust is one of the top three providers of workers' compensation insurance and one of the top three warranty writers. AmTrust is also a top 13 Lloyd's manager by capacity. As an innovative, technology-driven provider of insurance products, AmTrust has earned a prestigious "A" (excellent) rating from A.M. Best.
 
"AmTrust is honored to join the Fortune 500 alongside an elite group of successful companies, and we're very grateful to our partners, brokers and agents for their trust in us as we reach this milestone," said Barry Zyskind, Chairman and Chief Executive Officer of AmTrust. "AmTrust's inclusion in the Fortune 500 is possible thanks to the hard work and dedication of our people, who live our core values of integrity, diversity, accountability, teamwork, community engagement, and a spirit of entrepreneurship. We adhere to these values every day allowing us to continue to successfully build a best-in-class property and casualty insurer for our valued partners and customers."
 
AmTrust was ranked 475 on the 63rd annual Fortune 500 list.
 
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York City, 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.

For more information about AmTrust, visit https://amtrustfinancial.com/ or call AmTrust toll-free at (855) 327-2223.

Filed Under: 500, achievement, AmTrust, Fortune, insurance, recognition, record, revenue, warranty, year

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