NEW YORK, July 1, 2014 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company" or "AmTrust") today announced that it has closed its previously announced underwritten public offering of 4,000,000 of its depositary shares (the "Depositary Shares"), each representing a 1/40 th interest in a share of its newly-designated 7.25% Non-Cumulative Preferred Stock, Series B, at a public offering price of $25.00 per Depositary Share, for gross proceeds of $100 million. The Company has granted the underwriters a 30-day option, expiring July 25, 2014, to purchase up to an additional 600,000 Depositary Shares from the Company on the same terms and conditions.
Total net proceeds of the offering (assuming the underwriters do not exercise their over-allotment option) will be approximately $96,537,000, after deducting the underwriting discount and estimated offering expenses payable by the Company. The Company expects to use the net proceeds of the offering for general corporate purposes.
The Company has filed an application to list the Depositary Shares for trading on the New York Stock Exchange ("NYSE") under the symbol "AFSI PR B". Trading of the Depositary Shares on the NYSE is expected to commence within the 30-day period from the closing of the offering.This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering of the Depositary Shares was made only by means of a prospectus supplement and accompanying base prospectus. You may obtain a copy of the prospectus supplement and accompanying prospectus for free by visiting EDGAR on the SEC website at www.sec.gov . Alternatively, the underwriters may arrange to send you these documents if you request them by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, NY 10014, or by email at firstname.lastname@example.org; from UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Specialist, (877) 827-6444, ext. 5613884; from Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, (866) 471-2526, or by email at email@example.com; or from J.P. Morgan Securities LLC, Attention: Investment Grade Syndicate Desk, 383 Madison Avenue, New York, NY 10179, (212) 834-4533. Abou t AmTrust Financial Services, Inc. AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage. For more information about AmTrust, call AmTrust toll-free at 866.203.3037.