AmTrust 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, 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

AmTrust, 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.

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

AmTrust Announces Solid Profit Growth For The First Quarter 2015

By: Jeff Hatch

May 06, 2015

AmTrust, the parent company of Warrantech, issued strong earnings today for the first quarter ended March 31, 2015. 
 
Operating earnings were $121.4 million, or $1.45 per diluted share, an increase of 24.6%, compared to $97.4 million, or $1.24 per diluted share, in the first quarter of 2014. First quarter 2015 net income attributable to common stockholders grew to $154.7 million, or $1.85 per diluted share, an increase of 54.9% from $99.9 million, or $1.27 per diluted share, in the first quarter 2014. First quarter 2015 annualized operating return on common equity was 26.1% compared to 27.8% in the first quarter 2014. Annualized return on common equity was 33.3% for the first quarter of 2015 compared to 28.5% for the first quarter of 2014. 
 
First Quarter 2015 Results
 
Total revenue was $1.11 billion, an increase of $0.16 billion, or 16.6%, from $0.95 billion in the first quarter 2014. Gross written premium was $1.73 billion, an increase of $0.24 billion, or 16.0%, from $1.49 billion in the same period a year ago after excluding from the first quarter 2014 $174 million in non-recurring gross written premium from the Cut Through Reinsurance Agreement with Tower Group International, Ltd. in first quarter 2014.
 
A summary of Q1 results is listed below, and the earnings release is linked below as well. Thanks to all of our employees and agents who contributed to these results. We look forward to having another strong year and appreciate everyone’s hard work in making it happen.
 
Financial Highlights
 
First Quarter 2015
 
Gross written premium of $1.73 billion, up 16.0% after excluding from first quarter 2014 the impact of $174 million of non-recurring gross written premium related to the Cut Through Reinsurance Agreement with Tower Group International, Ltd.
Net earned premium of $949.4 million, up 14.5% from first quarter 2014
Operating diluted EPS of $1.45 ($0.07 attributable to gain on life settlements) compared to $1.24 ($0.02 attributable to gain on life settlements) in the first quarter 2014
Diluted EPS of $1.85 compared with $1.27 in the first quarter 2014
Annualized operating return on common equity of 26.1% and annualized return on common equity of 33.3%
Service and fee income of $112.9 million, up 24.1% from the first quarter 2014
Operating earnings of $121.4 million compared to $97.4 million from the first quarter 2014
Net income attributable to common stockholders of $154.7 million compared to $99.9 million in the first quarter 2014
Combined ratio of 89.0% compared to 89.9% in the first quarter 2014
Book value per common share of $24.00, up from $22.34 at December 31, 2014
AmTrust's stockholders' equity was $2.46 billion as of March 31, 2015

Filed Under: 2015, first, highlights, Q1, quarter, revenue, Warrantech

Warrantech Sets Itself Apart From The Competition

By: Jeff Hatch

April 22, 2015

Sean Stapleton, Warrantech president and CEO, recently took part in an executive forum with TWICE magazine. Here’s what he had to say in response to the following question:
 
In such a competitive category, how do you stand out and differentiate yourself from amongst the competition?
 
Warrantech Corporation delivers customized programs tailored for the unique needs of our partners. We do not agree with the “one size fits all” approach which is becoming pervasive in the industry. 
 
Unlike other providers, we offer partners the flexibility of extending their brand to their service contract programs. We believe that this approach reinforces our partner’s brand and helps drive customer loyalty and retention.
 
Additionally, we offer extensive missed point-of-sale programs designed to enhance the relationship between our partners and their customers and drive substantial incremental revenue. 
 
Warrantech is also a subsidiary of The Amynta Group — one of the strongest and most financially stable companies in the industry. Recently named “2014 Best-Managed Company (Insurance)” by Forbes, their financial strength allows us to offer a unique, bundled underwriting and administration approach that most competitors simply cannot provide.
 
Look for the full article, as well as an overview of Warrantech, in the Extended Service Contracts supplement to the April edition of TWICE. 
 
And be sure to follow Warrantech on FacebookTwitter and LinkedIn so you can keep up to date on company initiatives as they happen. 

Filed Under: administration, Best, customized, Forbes, Managed, partners, programs, revenue, TWICE, Warrantech

Warrantech Featured In Dealerscope Magazine

By: Jeff Hatch

March 18, 2015

Sean Stapleton, president & CEO of Warrantech, recently spoke with Dealerscope magazine regarding current company initiatives. Here’s an excerpt of what he had to say in “Making the Warranty Connection,” which explores how “extended service plans are resonating more than ever with cash-careful consumers” and how Warrantech intends to give them and retailers the best deal for their money.   

Warrantech plans to expand its successful monthly protection program offered through our retail partners. The existing program, which provides monthly billing solutions for mobile device protection, is being expanded to offer comprehensive protection options for an extensive array of equipment owned by customers, regardless of where it was purchased. 

By enrolling in the program, customers will enjoy additional benefits for products purchased through the retail partner, including disappearing deductibles and in-store service. The goal is to drive both recurring protection plan sales and traffic to the participating retail partner’s stores. The enhanced offering, known as our Loyalty by Warranty™ program, will provide retailers with an innovative way to increase both revenue and customer loyalty.  

Visit dealerscope.com to read the article in its entirety and for more industry insight. 

And be sure to follow Warrantech on Facebook, Twitter and LinkedIn so you can keep up to date on company initiatives as they happen. 

Filed Under: consumers, Dealerscope, loyalty, mobile, products, program, protection, retailers, revenue, service, warranty, week