Commission and other revenues were $134.5 million, an increase of $47.3 million, or 54.3%, from $87.1 million for the fourth quarter of 2011 and represented 26.0% of total revenue. The combined ratio totaled 90.1% compared with 89.0% in the fourth quarter of 2011.Ceding commissions, primarily related to the reinsurance agreements with Maiden Holdings, Ltd. ("Maiden"), totaled $56.3 million, up 33.7% from $42.1 million a year ago. During the quarter, AmTrust ceded $269.6 million of gross written premium and $214.9 million of earned premium to Maiden compared to $189.3 million of gross written premium and $148.8 million of earned premium ceded in the fourth quarter of 2011.
AmTrust Financial Services, Inc. Reports Fourth Quarter Operating Earnings(1) Of $53.4 Million And Net Income Of $55.3 Million
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