A.M. Best Co. has assigned indicative ratings of “bbb” to senior unsecured debt, “bbb-” to subordinated debt and “bb+” to the preferred stock of the recently filed universal shelf registration of AmTrust Financial Services Inc. (AmTrust) (headquartered in New York, NY) (NASDAQ:AFSI). The outlook assigned to all ratings is stable. All remaining ratings of AmTrust and its subsidiaries are unchanged. (For further information, please see A.M. Best’s press release dated May 24, 2013.) As of June 30, 2013, AmTrust’s adjusted debt-to-total capital and adjusted debt-to-tangible capital have risen to their highest historical levels at approximately 27% and 40%, respectively. However, these measures are within A.M. Best’s guidelines for its current rating level. In addition, AmTrust’s interest coverage ratio is expected to remain solid for its ratings. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.