NEW YORK, Dec. 1, 2014 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company" or "AmTrust") today announced that, on November 25, 2014, it entered into a £235 million amended and restated credit agreement with ING Bank, N.V.
"We are pleased that ING Bank, N.V. continues to support our Company through the expansion of the credit facility for our Lloyd's operations," commented Barry Zyskind, CEO and President of AmTrust. "The expanded credit facility provides our Company with valuable financial resources to continue to successfully build-out our Lloyd's platform."
The amended and restated credit facility increases the maximum amount of the facility to £235 million from £200 million. The facility supports the Company's capacity at Lloyd's as a member and/or reinsurer of Syndicates 2526, 1206 and 44 for the 2015 underwriting year of account as well as prior open years of account.
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, or call AmTrust toll-free at 855.327.2223.
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, 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 Holding Corp., ACP Re, Ltd., or third party agencies and warranty administrators, breaches in data security or other disruptions involving 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.
CONTACT: AmTrust Financial Services, Inc. Investor Relations Elizabeth Malone, CFA firstname.lastname@example.org 646.458.7924 Media Contact Kekst & Company Robert Siegfried email@example.com 212.521.4832 Ross Lovern firstname.lastname@example.org 212.521.4876
Source:AmTrust Financial Services, Inc.