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

AmTrust Financial Services Wins The GWSCA’s “Innovation in Warranty” Award

By: Jeff Hatch

September 23, 2016

Yesterday at the Third Annual GWSCA Conference on Warranty and Service Contracts in Chicago, Illinois, Warrantech’s parent company, AmTrust Financial Services, Inc., won the award for “Innovation in Warranty” for its “Complete” program. 
 
Complete is a comprehensive protection plan program developed for Microsoft’s OEM and third-party devices sold via Microsoft’s numerous sales channels, including their brick and mortar store locations, their online store, distribution partners, and resellers worldwide. In 2009, the Complete program launched in one Microsoft store. Today, AmTrust is the exclusive provider of Microsoft Complete in 60 countries, with plans that cover Surface Pro, Surface Book, Surface Hub, Xbox, Band, HoloLens and all third-party OEM PC products sold by Microsoft.
 
Visionary leadership, strong management, robust technology platforms, efficient operations, and focused client management are among the key attributes driving the success of AmTrust in support of Microsoft Complete.
 
AmTrust has worked diligently and rapidly to facilitate Complete sales in all the territories in which hardware is being sold. In less than 18 months from initial launch, they rolled out Complete in 60 countries and expanded the product offerings to include all Microsoft OEM products. They’ve developed unique mobile applications to market, sell and register smartphone insurance policies with Microsoft Mobile, formerly known as NOKIA. 
 
The Global Warranty and Service Contract Association (GWSCA) serves the warranty and service contract communities worldwide. Founded and operated by industry professionals who volunteer their time and talents, GWSCA provides programs, resources and services that develop and enhance the knowledge, capabilities and performance of its constituency, both individuals and organizations. In this way, GWSCA fosters and promotes industry wide innovation and advancement towards excellence.
 
AmTrust Financial Services, Inc. is a financial holding company with 27 insurance companies operating globally and providing small business insurance, unique risk, and warranty and specialty risk solutions. All their insurance carriers are “A” rated by A.M. Best. AmTrust is a publically traded company trading under the symbol “AFSI” on NASDAQ.
 
AmTrust underwrote $6.8 billion in Gross Written Premium in 2015 and has assets in excess of $17 billion. They have offices in more than 40 locations and operate in more than 50 countries. In 2014, AmTrust was ranked 63rd in Fortune magazine’s Fastest Growing Companies. In the same year, Forbes named AmTrust as one of the best run companies (insurance). Warranty Week, the leading online authority in the warranty industry identified AmTrust as the most ‘warranty-centric’ company.
 
Congratulations to AmTrust Financial on this impressive accomplishment. For more information about the company and their services, visit amtrustgroup.com

Filed Under: AmTrust, Award, Complete, Financial, GWSCA, Innovation, Warrantech, Warranty

What Is The Difference Between A Warranty And An Extended Service Plan?

By: Jeff Hatch

September 07, 2016

This is one of the most frequently asked questions we receive and one that causes a lot of confusion among customers. Simply put, a warranty is an agreement to make any repairs or replace defective parts during a specified period of time upon purchase – a 90-day warranty, for example. It is provided by the manufacturer or dealer and included in the purchase price of a product. By contrast, a service contract/plan is a separate agreement designed to provide protection after the manufacturer’s warranty expires.  
 
Since a manufacturer’s warranty is only good for a limited time, having additional coverage for important purchases makes a lot of sense. An extended service plan (or vehicle service contract) is a popular choice among customers who want extended coverage on everything from consumer electronics, automobiles, home appliances, boats, power tools and other items they truly value or see as an important long-term investment. For instance, a cash-strapped college student who can’t afford to be without a laptop computer for schoolwork would be smart to invest in a service plan. 
 
A service contract also offers additional benefits that generally aren’t covered under the terms of the manufacturer’s warranty. If you bought a new vehicle, chances are your warranty only covers defects and issues that came about during the design and manufacturing process. With a service contract, you can get supplemental coverage for important systems like the transmission and suspension, and ancillary product protection that covers paint, dent, fabric and windshield repair. 
 
In addition to product and purchase protection, service contracts offer consumers convenience and peace of mind. There have been several articles as of late that all list this as one of the main reasons that people feel that a service contract is well worth the added expense. Should something go wrong with your purchase, you’ll receive immediate assistance. Plus, a service contract can be purchased for just a fraction of what you would normally pay for service repair or, in worst-case scenarios, an entirely new item. 
 
If you do decide that you are interested in extended protection, the best rule of thumb is to always make sure that you carefully compare the service contract with the manufacturer's warranty. Also, consider: 1) the cost of the service contract, 2) the types of coverage it offers, 3) the length of time covered, and 4) how you expect to use your purchase. And if you have any concerns regarding your service agreement or need help with a specific type of coverage, feel free to reach out to us. We’ll be more than happy to help.
 
Visit our website to view more frequently asked questions from our consumers. Or call us at 800.833.8801.

Filed Under: contract, plan, product, service, vehicle, Warrantech, warranty

Sym-Tech Dealer Services & AMT Warranty, a Subsidiary of AmTrust Financial Services, Announce Partnership that Provides the Canadian Market with Enhanced Services and Product Offerings

By: Jeff Hatch

September 29, 2015

TORONTO, September 24, 2015 – Sym‐Tech Dealer Services (the “Company” or “Sym‐Tech”) announced today that AmTrust Financial Services, Inc. (NASDAQ: AFSI), through its subsidiary AMT Warranty, has partnered with Sym‐Tech through a minority investment in the Company.

“We are very pleased that AMT Warranty chose to partner with Sym‐Tech,” said Brad Wells, CEO of Sym‐Tech Dealer Services. “AMT Warranty’s automotive expertise as well as their underwriting, OEM, insurance and reinsurance knowledge and experience will allow for an expanded offering of F&I products and services for clients in Canada.”

Sym‐Tech drives improved business office performance. A full suite of F&I products, industry‐proven training and in‐dealership development, as well as F&I menu and proprietary technology, combine to drive dealer performance and profitability.

Sym‐Tech’s 40 year history of serving Canadian dealers, combined with AMT Warranty’s extensive insurance services and solid financial backing, create a unique partnership that provides Canadian OEMs, auto dealers and automotive dealer groups with one of the most comprehensive offerings available. The full suite of solutions includes:

• A complete line of F&I products and programs
• Training and in‐dealership development
• Proprietary F&I technology
• Expertise in underwriting, actuary, insurance and re‐insurance services

“AMT Warranty has experienced tremendous success in the United States and we look forward to extending our success to the Canadian marketplace through a long‐term relationship with Sym‐Tech,” said Sean Stapleton, President and CEO of AMT Warranty. “Sym‐Tech has a solid reputation, one of the best F&I software platforms in the industry, extensive knowledge of the market and significant experience. Importantly, Sym‐Tech’s vision, values and strengths are strongly aligned with AmTrust.”

About AMT Warranty
AMT Warranty Corporation, a wholly owned subsidiary of AmTrust Financial Services, Inc. (NASDAQ: AFSI), provides finance and insurance products to automobile, RV/trailer, marine and powersports retailers, manufacturers and financial institutions. AMT Warranty offers innovative F&I products, program development and customer support. With over 25 million active contracts, AMT Warranty has a reputation for providing highly scalable and financially successful programs. By incorporating extensive industry knowledge, customized program options and a customer centric approach to service, AMT Warranty has become the leading provider of F&I products in the aftermarket industry.

About Sym‐Tech Dealer Services Inc.
Founded in 1971, Sym‐Tech Dealer Services Inc. is a leading Canadian F&I provider to the retail automotive industry. Sym‐Tech is a performance‐driven company with the mandate to help improve business office performance. Sym‐Tech offers F&I products, industry‐proven training and in‐dealership development, as well as F&I menu and a proprietary software platform (d.a.v.e®) which drive dealer performance and profitability. For more information contact: Samantha Sampson, Sym‐Tech Dealer Services 905.889.5390, ext. 2930 or samantha.sampson@sym‐tech.ca or visit www.symtech.ca.

Filed Under: AMT, F&I, financial, insurance, OEM, partnership, Sym-Tech, underwriting, warranty

“Everything Must Go” — Including Warranties?

By: Jeff Hatch

July 09, 2015

Losing a favorite place to buy a book, procure the latest electronic gadget or update the home can send passionate shoppers into an emotional spiral much like the stages of grief. 
 
Denial sets in first. “They can’t go out of business; they are always so helpful and sell only the best products.” 
 
Soon after comes the inevitable anger stage. “Great, they went out of business. Now my extended service plan (ESP)* won’t be any good. How could they do this to me?”
 
*NOTE: While many store associates and consumers consider the purchase to be an extended warranty, this is often not the case. Many extended plans are not truly adding on to the original manufacturer’s warranty, but rather, extend the post-warranty service options and are therefore more appropriately referred to as an extended service plan, or ESP.
 
Retailer bankruptcies have been an unfortunate reality, as almost 3,000 stores in the U.S. closed, were downsized or went out of business in the 2013 calendar year. While many analysts believe that the worst is now over, many consumers are still left wondering what will happen to their ESPs. The truth is there are a number of ways it can go.
 
In a worst case scenario, extended service contracts are voided when the company files for bankruptcy. This is often the case if the retailer underwrites its own ESPs. On a positive note, manufacturers’ warranties are in no way affected when a retailer closes. So, some repairs and replacements might still be covered.
 
In a better scenario, the retailer outsourced its warranty underwriting to a reputable third party.
 
“The end of a retailer doesn’t necessarily mean the end of the extended service plan,” said Sean Stapleton, CEO of Warrantech. “Responsible companies have safeguards in place, such as third-party contract underwriters, that protect their customers, even after bankruptcy.”
 
So, the first step is to read the service contract papers if a store closes. Chances are that the ESP isn’t actually owned by the retailer, so there’s no reason to panic. But, rather than waiting until the unthinkable happens, Stapleton advises to read the service contract before it’s purchased to avoid potential problems down the road.
 
“Check the fine print for a third-party provider and consider the reputation of the company,” Stapleton said. “Look for an address to write to or a phone number you can call if there are issues.”
 
Consumers are spending more on electronics and other big-ticket items than ever before, so ESPs are becoming increasingly important — as long as they will be there when they are needed. On its consumer protection website, the Federal Trade Commission urges shoppers to read warranty and ESP paperwork and look for answers to the following questions:
 
- How long does the warranty and ESP last?
- Who do I contact to get warranty and ESP service?
- What will the company do if the product fails?
- What parts and repair problems are covered?
- Are there any conditions or limitations on the warranty or ESP?
 
By asking these questions upfront and ensuring that their ESPs are backed by a reputable third party, shoppers can gain peace of mind that their purchases will be covered — even if a favorite retailer permanently closes.

Filed Under: extended, plans, purchase, retailer, service, store, Warrantech, warranty

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