NEW YORK, April 28, 2016 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("AmTrust" or the "Company") today announced that Andrew Gibbs will join the Company as Chairman and Chief Operating Officer of AmTrust International Insurance, Ltd., a subsidiary of AmTrust. Mr. Gibbs was previously the Director of Insurance Supervision at the Bermuda Monetary Authority (“BMA”). Effective September 6, 2016, he will assume responsibilities for AmTrust International Insurance, Ltd.’s operations in Bermuda and also serve as a senior executive, providing strategic advice, for the Company’s European subsidiaries.
Mr. Gibbs is a Chartered Accountant and Chartered Insurer with 30 years of experience in the insurance industry. Before joining the BMA, Mr. Gibbs held senior executive positions at Validus Holdings Ltd., where he served as Group Controller, and the ACE Group of Companies (“ACE”), now Chubb Group of Insurance Companies, where he held positions including Chief Financial Officer of ACE Global Re and Chief Financial & Operating Officer of ACE Bermuda. Prior to his roles at ACE, Mr. Gibbs was a partner with Ernst & Young in its insurance practice.
“We are pleased to welcome Andy to our senior management team where he will have responsibility for operations in Bermuda and a strategic role in Europe,” said Barry Zyskind, AmTrust’s President and CEO. “It is rare to find someone with the breadth of financial and operating experience at both insurance holding and subsidiary company levels, particularly with Andy’s audit and regulatory experience.”
Mr. Gibbs said, “I am excited at the prospect of joining the AmTrust management team as the group continues to grow its footprint in the global insurance market. Over the past two years, Bermuda has received qualified jurisdiction status under the NAIC financial standards and accreditation program as well as full equivalence from the European Commission under Solvency II, and it has been a privilege to have witnessed these achievements first hand. But now, I felt that the time was right for me to move back into industry. Since December 2014, I have had the opportunity to observe AmTrust’s experienced and dynamic management team and I believe that AmTrust is the right platform and match for my experience.”
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 www.amtrustgroup.com.
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. 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, the amounts, timing and prices of any share repurchases made by us under our share repurchase program, 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., ACP Re, Ltd., 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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