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NEW YORK, July 10, 2014 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company" or "AmTrust") today announced that the underwriters of its recently closed public offering of its depositary shares (the "Depositary Shares"), each representing a 1/40th interest in a share of its 7.25% Non-Cumulative Preferred Stock, Series B, have exercised in part their over-allotment option with respect to 200,000, or an additional 5.00%, of its Depositary Shares, at a public offering price of $25.00 per Depositary Share. The closing of the sale of the over-allotment shares to the underwriters was completed today. The underwriters retain an option, expiring July 25, 2014, to purchase up to an additional 400,000 Depositary Shares, excluding the over-allotment shares purchased today, from the Company on the same terms and conditions.
Assuming the underwriters do not exercise the remainder of their over-allotment option, AmTrust expects to receive aggregate net proceeds from the offering (including the previously-announced proceeds from the initial closing on July 1, 2014 and the additional proceeds from this exercise of the over-allotment option) of approximately $101.4 million, after deducting the underwriting discount and estimated offering expenses payable by AmTrust. The Company expects to use the aggregate net proceeds of the offering for general corporate purposes.
Trading of the Depositary Shares commenced on July 7, 2014 on the New York Stock Exchange under the symbol "AFSI PR B."
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.
About 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.