NEW YORK, Dec. 12, 2013 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") announced today the fundamental outlook for the Company remains positive and is responding to negative comments produced by a report circulated by parties that have a vested interest in the common shares of Company declining in value.
"AmTrust's financial position has never been stronger," stated CEO and President Barry Zyskind. "We are excited about the future for all of our divisions. We are growing successfully in very attractive insurance markets in our workers' compensation insurance business, extended warranty operations and international business. We believe that recent negative articles that individuals have distributed are false and misleading and are being distributed with the intention of manipulating the shares of AmTrust in order to benefit those who own short position in our shares."
The Company has addressed issues in its quarterly earnings calls and public filings that have been raised regarding its investment in life settlements, clarifying the accounting of the life settlement portfolio. In addition, over the past several years, the Company, with the approval of the Luxembourg insurance authorities, has acquired a number of Luxembourg reinsurance companies at a discount to their asset value from multinational companies. The Company consolidates the results of all of its insurance subsidiaries, including the results of the Luxembourg reinsurance companies. The Company looks forward to discussing its year-end results in its next quarterly conference call.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance 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 Statements
This news release contains "forward-looking statements" that 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 expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, non-receipt of expected payments from insureds or reinsurers, changes in interest rates, a downgrade in the financial strength ratings of our insurance subsidiaries, the effect of the performance of financial markets on our investment portfolio, our estimates of the fair value of our life settlement contracts, 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, risks associated with conducting business outside the United States, developments relating to existing agreements, disruptions to our business relationships with Maiden Holdings, Ltd., National General Holdings Corp., or third party agencies and warranty administrators, breaches in data security or other disruptions with our technology, heightened competition, changes in pricing environments, and changes in asset valuations. The forward-looking statements contained in this news release are made only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statements except as may be required by law. 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 the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly reports on Form 10-Q.
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