Date of Report (Date of Earliest Event Reported) | February 14, 2013 |
Delaware | 001-33143 | 04-3106389 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
59 Maiden Lane, 6th Floor, New York, New York | 10038 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | (212) 220-7120 |
(Former name or former address, if changed since last report.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.133-4 (c)) |
Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
(a) | Not applicable. |
(b) | Not applicable. |
(c) | Not applicable. |
(d) | Exhibits. |
Exhibit Number | Description | ||
99.1 | Press release dated February 14, 2013. |
AmTrust Financial Services, Inc. | |
(Registrant) |
Date | February 14, 2013 |
/s/ Stephen Ungar | |
Stephen Ungar | |
Secretary |
• | Gross written premium of $773.6 million, up 31.9%, and net earned premium of $383.4 million, up 28.1% from fourth quarter 2011 |
• | Operating diluted EPS(1)(2) of $0.77 ($0.07 attributable to gain on life settlement contracts) compared to $0.60 (($0.02) attributable to loss on life settlement contracts) in the fourth quarter 2011 |
• | Annualized operating return on equity(1) of 19.3% and annualized return on equity of 19.9% |
• | Service and fee income of $54.1 million, up 79.5% from fourth quarter 2011 |
• | Operating earnings(1) of $53.4 million compared to $40.7 million, up 31.2% from fourth quarter 2011 |
• | Fourth quarter 2012 results include gain on life settlement contracts net of non-controlling interest of $4.5 million compared to a loss of $1.0 million in fourth quarter 2011 |
• | Net income of $55.3 million compared to $37.9 million from fourth quarter 2011 |
• | Diluted EPS of $0.79 compared to $0.56 in the fourth quarter 2011 |
• | Combined ratio of 90.1% compared to 89.0% in the fourth quarter 2011 |
• | Gross written premium of $2.75 billion, up 27.8%, and net earned premium of $1.42 billion, up 36.8% over 2011 |
• | Operating diluted EPS(1)(2) of $2.77 ($0.10 attributable to gain on life settlement contracts) compared to $2.65 ($0.39 attributable to gain on life settlement contracts) in 2011 |
• | Operating return on equity(1) of 18.8% and return on equity of 17.5% |
• | Service and fee income of $172.2 million, up 58.5% from 2011 |
• | Operating earnings(1) of $191.6 million compared to $179.5 million in 2011 |
• | 2012 results include gain on life settlement contracts net of non-controlling interest of $6.7 million compared to $26.4 million in 2011 |
• | Net income of $178.0 million compared to $170.4 million in 2011 |
• | Diluted EPS of $2.57 compared with $2.52 in 2011 |
• | Combined ratio of 89.5% compared to 89.0% in 2011 |
• | Book value per share of $17.03, up from $13.47 at year-end 2011 |
• | Shareholders' equity was $1.14 billion as of December 31, 2012 |
CONTACT: | AmTrust Financial Services, Inc. |
Investor Relations | |
Elizabeth Malone CFA | |
beth.malone@amtrustgroup.com | |
646.458.7924 | |
Hilly Gross | |
New York, New York | |
hilly.gross@amtrustgroup.com | |
646.458.7925 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Gross written premium | $ | 773,645 | $ | 586,761 | $ | 2,749,326 | $ | 2,150,472 | ||||||||
Net written premium | $ | 413,012 | $ | 344,994 | $ | 1,648,037 | $ | 1,276,597 | ||||||||
Change in unearned premium | (29,625 | ) | (45,601 | ) | (229,185 | ) | (239,736 | ) | ||||||||
Net earned premium | 383,387 | 299,393 | 1,418,852 | 1,036,861 | ||||||||||||
Ceding commission (primarily related party) | 56,298 | 42,123 | 196,982 | 153,953 | ||||||||||||
Service and fee income | 54,064 | 30,114 | 172,174 | 108,660 | ||||||||||||
Investment income, net | 18,876 | 13,700 | 68,167 | 55,515 | ||||||||||||
Net realized gains (loss) | 5,213 | 1,187 | 8,981 | 2,768 | ||||||||||||
Commission and other revenues | 134,451 | 87,124 | 446,304 | 320,896 | ||||||||||||
Total revenue | 517,838 | 386,517 | 1,865,156 | 1,357,757 | ||||||||||||
Loss and loss adjustment expense | 255,313 | 194,277 | 922,675 | 678,333 | ||||||||||||
Acquisition costs and other underwriting expense | 146,239 | 114,320 | 543,713 | 398,404 | ||||||||||||
Other expense | 51,024 | 23,806 | 161,320 | 86,611 | ||||||||||||
Total expenses | 452,576 | 332,403 | 1,627,708 | 1,163,348 | ||||||||||||
Income before other, provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | 65,262 | 54,114 | 237,448 | 194,409 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (7,205 | ) | (4,045 | ) | (28,508 | ) | (16,079 | ) | ||||||||
Net gain (loss) on life settlement contracts | 8,520 | (1,454 | ) | 13,822 | 46,892 | |||||||||||
Foreign currency gain (loss) | 2,743 | (591 | ) | (242 | ) | (2,418 | ) | |||||||||
Acquisition gain on purchase | — | — | — | 5,850 | ||||||||||||
Total other income (expenses) | 4,058 | (6,090 | ) | (14,928 | ) | 34,245 | ||||||||||
Income before provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | 69,320 | 48,024 | 222,520 | 228,654 | ||||||||||||
Provision for income taxes | 10,849 | 11,749 | 46,955 | 42,372 | ||||||||||||
Equity in earnings of unconsolidated subsidiaries (related parties) | 636 | 1,467 | 9,295 | 4,882 | ||||||||||||
Net income | 59,107 | 37,742 | 184,860 | 191,164 | ||||||||||||
Non-controlling interest | (3,794 | ) | 181 | (6,873 | ) | (20,730 | ) | |||||||||
Net income attributable to AmTrust Financial Services, Inc. | $ | 55,313 | $ | 37,923 | $ | 177,987 | $ | 170,434 | ||||||||
Operating earnings attributable to AmTrust Financial Services, Inc. (3) | $ | 53,427 | $ | 40,697 | $ | 191,646 | $ | 179,451 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per share | $ | 0.82 | $ | 0.57 | $ | 2.67 | $ | 2.58 | ||||||||
Diluted earnings per share | $ | 0.79 | $ | 0.56 | $ | 2.57 | $ | 2.52 | ||||||||
Operating diluted earnings per share (4) | $ | 0.77 | $ | 0.60 | $ | 2.77 | $ | 2.65 | ||||||||
Weighted average number of basic shares outstanding | 66,870 | 66,121 | 66,499 | 65,915 | ||||||||||||
Weighted average number of diluted shares outstanding | 69,417 | 68,116 | 68,850 | 67,661 | ||||||||||||
Combined ratio | 90.1 | % | 89.0 | % | 89.5 | % | 89.0 | % | ||||||||
Return on equity | 19.9 | % | 17.6 | % | 17.5 | % | 21.2 | % | ||||||||
Operating return on equity (5) | 19.3 | % | 18.8 | % | 18.8 | % | 22.3 | % | ||||||||
Reconciliation of net realized losses: | ||||||||||||||||
Other-than-temporary investment impairments | $ | (1,757 | ) | $ | (4,066 | ) | $ | (2,965 | ) | $ | (4,411 | ) | ||||
Impairments recognized in other comprehensive income | — | — | — | — | ||||||||||||
(1,757 | ) | (4,066 | ) | (2,965 | ) | (4,411 | ) | |||||||||
Net realized gains on sale of investments | 6,970 | 5,253 | 11,946 | 7,179 | ||||||||||||
Net realized gains | $ | 5,213 | $ | 1,187 | $ | 8,981 | $ | 2,768 |
December 31, 2012 | December 31, 2011 | |||||||
Cash, cash equivalents and investments | $ | 2,696,402 | $ | 2,086,638 | ||||
Premiums receivables | 1,204,181 | 932,992 | ||||||
Goodwill and intangible assets | 514,967 | 372,786 | ||||||
Total assets | 7,421,602 | 5,732,518 | ||||||
Loss and loss expense reserves | 2,431,244 | 1,879,175 | ||||||
Unearned premium | 1,773,593 | 1,366,170 | ||||||
Trust preferred securities | 123,714 | 123,714 | ||||||
Convertible senior notes | 161,218 | 138,506 | ||||||
AmTrust's stockholders' equity | 1,144,121 | 890,563 | ||||||
Book value per share | $ | 17.03 | $ | 13.47 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Reconciliation of net income attributable to AmTrust Financial Services, Inc. to operating earnings attributable to AmTrust Financial Services, Inc.: | ||||||||||||||||
Net income attributable to AmTrust Financial Services, Inc. | $ | 55,313 | $ | 37,923 | $ | 177,987 | $ | 170,434 | ||||||||
Less: Net realized gains (loss) net of tax | 3,389 | 771 | 5,838 | 1,799 | ||||||||||||
Non cash amortization of certain intangible assets | (5,374 | ) | (2,954 | ) | (17,165 | ) | (9,852 | ) | ||||||||
Non cash interest on convertible senior notes net of tax | 1,128 | — | (2,090 | ) | — | |||||||||||
Foreign currency transaction gain (loss) | 2,743 | (591 | ) | (242 | ) | (2,418 | ) | |||||||||
Loss on investment in unconsolidated subsidiary net of tax (1) | — | — | — | (2,349 | ) | |||||||||||
Acquisition gain net of tax (2) | — | — | — | 3,803 | ||||||||||||
Operating earnings attributable to AmTrust Financial Services, Inc. (3) | $ | 53,427 | $ | 40,697 | $ | 191,646 | $ | 179,451 | ||||||||
Reconciliation of diluted earnings per share to diluted operating earnings per share: | ||||||||||||||||
Diluted earnings per share | $ | 0.79 | $ | 0.56 | $ | 2.57 | $ | 2.52 | ||||||||
Less: Net realized gain (loss) net of tax | 0.04 | 0.01 | 0.09 | 0.03 | ||||||||||||
Non cash amortization of certain intangible assets | (0.06 | ) | (0.04 | ) | (0.25 | ) | (0.14 | ) | ||||||||
Non cash interest on convertible senior notes net of tax | 0.01 | — | (0.04 | ) | — | |||||||||||
Foreign currency transaction gain (loss) | 0.03 | (0.01 | ) | — | (0.04 | ) | ||||||||||
Loss on investment in unconsolidated subsidiary net of tax (1) | — | — | — | (0.04 | ) | |||||||||||
Acquisition gain net of tax (2) | — | — | — | 0.06 | ||||||||||||
Operating diluted earnings per share (4) | $ | 0.77 | $ | 0.60 | $ | 2.77 | $ | 2.65 | ||||||||
Reconciliation of return on equity to operating return on equity: | ||||||||||||||||
Return on equity | 19.9 | % | 17.6 | % | 17.5 | % | 21.2 | % | ||||||||
Less: Net realized gain (loss) net of tax | 1.1 | % | 0.3 | % | 0.6 | % | 0.2 | % | ||||||||
Non cash amortization of certain intangible assets | (1.8 | )% | (1.2 | )% | (1.7 | )% | (1.2 | )% | ||||||||
Non cash interest on convertible senior notes net of tax | 0.4 | % | — | % | (0.2 | )% | — | % | ||||||||
Foreign currency transaction gain (loss) | 0.9 | % | (0.3 | )% | — | % | (0.3 | )% | ||||||||
Loss on investment in unconsolidated subsidiary net of tax (1) | — | % | — | % | — | % | (0.3 | )% | ||||||||
Acquisition gain net of tax (2) | — | % | — | % | — | % | 0.5 | % | ||||||||
Operating return on equity (5) | 19.3 | % | 18.8 | % | 18.8 | % | 22.3 | % |
(1) | In 2011, the Company recorded its final purchase price adjustment related to ACAC's 2010 purchase of GMAC's consumer property and casualty insurance business. The Company originally recorded an after-tax gain of $6,792 related to this acquisition in 2010. ACAC finalized its purchase price accounting in 2011 and the impact on the Company's gain on acquisition was to reduce the gain by $2,349 on an after-tax basis. As required under GAAP, the Company recorded this adjustment in 2011 and included it as part of equity in earnings of unconsolidated subsidiaries (related parties), which was $1,467 and $4,882 for the three months and year ended December 31, 2011. This purchase price adjustment is not included in the Company's calculation of operating earnings. |
(2) | The Company recorded a gain of $5,850 and after-tax gain of $3,803 related to the renewal rights and loss portfolio transfer transaction with Majestic Insurance Company. |
(3) | Operating earnings is a non-GAAP financial measure defined by the Company as net income less after-tax realized investment gain (loss), certain amortization expense, non-cash interest on convertible senior notes net of tax, foreign currency transaction gain (loss), gain (loss) on investment in unconsolidated subsidiary net of tax and acquisition gain net of tax and should not be considered an alternative to net income. The Company's management believes that operating earnings is a useful indicator of trends in the Company's underlying operations because it provides a more meaningful representation of the Company's earnings power. The Company's measure of operating earnings may not be comparable to similarly titled measures used by other companies. |
(4) | Diluted operating earnings per share is a non-GAAP financial measure defined by the Company as net income less after-tax realized investment gain (loss), certain amortization expense, non-cash interest on convertible senior notes net of tax, foreign currency transaction gain (loss), gain (loss) on investment in unconsolidated subsidiary net of tax and acquisition gain net of tax divided by the weighted average diluted shares outstanding for the period and should not be considered an alternative to diluted earnings per share. The Company's management believes that diluted operating earnings per share is a useful indicator of trends in the Company's underlying operations because it provides a more meaningful representation of the Company's earnings power. The Company's measure of diluted operating earnings per share may not be comparable to similarly titled measures used by other companies. |
(5) | Operating return on equity is a non-GAAP financial measure defined by the Company as net income less after-tax realized investment gain (loss), certain amortization expense, non-cash interest on convertible senior notes net of tax, foreign currency transaction gain (loss), gain (loss) on investment in unconsolidated subsidiary net of tax and acquisition gain net of tax divided by the average shareholders' equity for the period and should not be considered an alternative to return on equity. The Company's management believes that operating return on equity is a useful indicator of trends in the Company's underlying operations because it provides a more meaningful representation of the Company's earnings power. The Company's measure of operating return on equity may not be comparable to similarly titled measures used by other companies. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Gross written premium | ||||||||||||||||
Small Commercial Business | $ | 243,659 | $ | 149,081 | $ | 933,740 | $ | 609,822 | ||||||||
Specialty Risk and Extended Warranty | 351,596 | 306,768 | 1,118,710 | 1,056,511 | ||||||||||||
Specialty Program | 149,939 | 105,590 | 578,735 | 381,541 | ||||||||||||
Personal Lines Reinsurance | 28,451 | 25,322 | 118,141 | 102,598 | ||||||||||||
$ | 773,645 | $ | 586,761 | $ | 2,749,326 | $ | 2,150,472 | |||||||||
Net written premium | ||||||||||||||||
Small Commercial Business | $ | 117,729 | $ | 85,779 | $ | 474,381 | $ | 355,721 | ||||||||
Specialty Risk and Extended Warranty | 174,029 | 176,600 | 624,555 | 615,563 | ||||||||||||
Specialty Program | 92,803 | 57,293 | 430,960 | 202,715 | ||||||||||||
Personal Lines Reinsurance | 28,451 | 25,322 | 118,141 | 102,598 | ||||||||||||
$ | 413,012 | $ | 344,994 | $ | 1,648,037 | $ | 1,276,597 | |||||||||
Net earned premium | ||||||||||||||||
Small Commercial Business | $ | 106,863 | $ | 94,494 | $ | 416,565 | $ | 320,266 | ||||||||
Specialty Risk and Extended Warranty | 148,658 | 125,773 | 541,573 | 446,765 | ||||||||||||
Specialty Program | 98,796 | 53,520 | 348,568 | 171,375 | ||||||||||||
Personal Lines Reinsurance | 29,070 | 25,606 | 112,146 | 98,455 | ||||||||||||
$ | 383,387 | $ | 299,393 | $ | 1,418,852 | $ | 1,036,861 | |||||||||
Loss Ratio: | ||||||||||||||||
Small Commercial Business | 65.1 | % | 63.0 | % | 65.0 | % | 63.0 | % | ||||||||
Specialty Risk and Extended Warranty | 66.8 | % | 64.3 | % | 63.0 | % | 66.6 | % | ||||||||
Specialty Program | 68.5 | % | 67.7 | % | 68.4 | % | 66.9 | % | ||||||||
Personal Lines Reinsurance | 64.5 | % | 68.7 | % | 64.5 | % | 65.2 | % | ||||||||
Total | 66.6 | % | 64.9 | % | 65.0 | % | 65.4 | % | ||||||||
Expense Ratio: | ||||||||||||||||
Small Commercial Business | 26.1 | % | 27.2 | % | 26.6 | % | 26.8 | % | ||||||||
Specialty Risk and Extended Warranty | 17.9 | % | 19.0 | % | 19.1 | % | 17.9 | % | ||||||||
Specialty Program | 26.9 | % | 27.9 | % | 28.2 | % | 27.6 | % | ||||||||
Personal Lines Reinsurance | 30.5 | % | 30.0 | % | 30.5 | % | 31.8 | % | ||||||||
Total | 23.5 | % | 24.1 | % | 24.4 | % | 23.6 | % | ||||||||
Combined Ratio: | ||||||||||||||||
Small Commercial Business | 91.2 | % | 90.1 | % | 91.6 | % | 89.9 | % | ||||||||
Specialty Risk and Extended Warranty | 84.7 | % | 83.4 | % | 82.1 | % | 84.5 | % | ||||||||
Specialty Program | 95.4 | % | 95.6 | % | 96.6 | % | 94.6 | % | ||||||||
Personal Lines Reinsurance | 95.0 | % | 98.7 | % | 95.0 | % | 97.1 | % | ||||||||
Total | 90.1 | % | 89.0 | % | 89.5 | % | 89.0 | % |
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