AmTrust Financial Services, Inc. Reports Fourth Quarter Operating Earnings(1) Of $34.0 Million And Net Income Of $33.6 Million

Full Year Operating Earnings ⁽¹⁾ of $136.5 Million and Net Income of $142.5 Million Book Value Per Share of $12.03, Up 25.3% Since Year-End 2009

Financial Highlights

• Annualized return on equity of 19.0% and operating ⁽¹⁾ return on equity of 19.2% for the quarter
• Gross written premium of $474.9 million, up 30.0%, and net earned premium of $210.4 million, up 32.0% from fourth quarter 2009
• Commissions and other revenues of $72.2 million up 65.5% from fourth quarter 2009
• Operating earnings ⁽¹⁾ of $34.0 million up 5.9% from fourth quarter 2009
• Operating EPS ⁽¹⁾ of $0.57 compared to $0.53 in the fourth quarter 2009
• Net income of $33.6 million up 19.9% from fourth quarter 2009
• EPS of $0.56 compared to $0.47 in the fourth quarter 2009
• Combined ratio of 87.6% compared to 81.8% in the fourth quarter 2009
• Full year return on equity of 22.2% and operating return on equity of 21.2% ⁽¹⁾
• Full year gross written premium of $1.6 billion, up 30.2%, and net earned premium of $745.7 million, up 29.9% over 2009
• Full year operating earnings ⁽¹⁾ of $136.5 million up 6.9% from 2009
• Full year operating EPS ⁽¹⁾ of $2.26 compared with $2.13 in 2009
• Full year net income of $142.5 million up 38.0% from 2009
• Full year EPS of $2.36 compared with $1.72 in 2009
• Full year combined ratio of 85.3% compared to 79.8% in 2009
• Book value per share of $12.03, up from $9.60 at year-end 2009

NEW YORK, Feb. 15, 2011 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) today reported net income of $33.6 million for the fourth quarter of 2010, an increase of 19.9% from $28.1 million in the fourth quarter of 2009. Earnings per diluted share totaled $0.56 in the quarter, up 19.1% from $0.47 in the same period last year. Operating earnings ⁽¹⁾ totaled $34.0 million for the quarter, or $0.57 per diluted share, compared with $32.1 million, or $0.53 per diluted share, in the fourth quarter of 2009.

For the full year 2010, net income totaled $142.5 million, up 38.0% from 2009. Earnings per diluted share of $2.36 increased 37.2% from $1.72 in 2009. Operating earnings ⁽¹⁾ in 2010 totaled $136.5 million, or $2.26 per share, compared with $127.7 million, or $2.13 per share in the same period last year.

"Our fourth quarter and full year 2010 results reflect the power of our niche-oriented, lower-risk platform as we once again delivered strong returns for our shareholders," said Barry Zyskind, President and Chief Executive Officer of AmTrust Financial Services, Inc. "We remain committed to our core strategy of disciplined underwriting, risk and capital management coupled with strong efficiency centered around our proprietary technology platform." Zyskind continued, "I am proud of the great work of the entire AmTrust team as we continued to capture new market opportunities, broaden our geographic and product reach and enhance our fee and other income streams, which should provide even greater diversity and stability in the future."

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