AmTrust Financial Services, Inc. Completes Purchase of Genworth Financial Mortgage Insurance Ltd.
May 09 2016 - 04:15PM
AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the “Company” or
“AmTrust”) today announced that it has completed the acquisition of
Genworth Financial Mortgage Insurance Ltd. (“GFMI”) from Genworth
Financial, Inc. (NYSE:GNW), for approximately $55 million in
cash. As of December 31, 2015, GFMI’s tangible book value was
approximately $150 million. Based in the U.K., GFMI is a well-known
organization in the European mortgage insurance market, currently
providing products in the U.K., Finland, Italy and Germany.
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., or 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.AFSI-F
For more information, please contact:
AmTrust Financial Services, Inc.
Investor Relations
Elizabeth Malone CFA
beth.malone@amtrustgroup.com
646.458.7924
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