NEW YORK, Jan. 21, 2014 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company" or "AmTrust") announced the receipt of regulatory approval to complete an agreement between a subsidiary of the Company and several Tower Group International, Ltd ("Tower") subsidiaries to enter into a 100% quota share reinsurance agreement and provide a cut-through endorsement to (the "Cut Through Reinsurance Agreement") at least 60% of Tower's in force Commercial Lines policies and on most new and renewal Commercial Lines Business. AmTrust has agreed to accept 65% to 70% of unearned premium with respect to in-force Commercial Lines policies. The agreement is effective as of January 1, 2014 for losses occurring on or after January 1, 2014. The Company will pay a 20% ceding commission to Tower on all Tower premium subject to the Cut Through Reinsurance Agreement.
AmTrust Financial Services, Inc. Receives Regulatory Approval To Provide A Cut-Through Agreement For Tower Group International
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