Date of Report (Date of Earliest Event Reported) | February 13, 2014 |
Delaware | 001-33143 | 04-3106389 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
59 Maiden Lane, 43rd 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 13, 2014. |
AmTrust Financial Services, Inc. | |
(Registrant) |
Date | February 13, 2014 |
/s/ Stephen Ungar | |
Stephen Ungar | |
Secretary |
• | Gross written premium of $1.06 billion, up 36.8%, and net earned premium of $707.6 million, up 84.6% from the fourth quarter 2012 |
• | Operating diluted EPS(1) of $1.03 compared to $0.70 in the fourth quarter 2012 |
• | Operating return on common equity(1) of 25.1% and return on common equity of 19.9% |
• | Service and fee income of $93.0 million, up 71.9% from the fourth quarter 2012 |
• | Operating earnings(1) of $81.9 million compared to $53.4 million from the fourth quarter 2012 |
• | Net income attributable to common stockholders of $64.7 million compared to $55.3 million in the fourth quarter 2012 |
• | Diluted EPS of $0.82 compared with $0.72 in the fourth quarter 2012 |
• | Combined ratio of 89.9% compared to 90.5% in the fourth quarter 2012 |
• | Gross written premium of $4.12 billion, up 49.7%, and net earned premium of $2.27 billion, up 59.7% over 2012 |
• | Operating diluted EPS(1) of $3.39 compared to $2.52 in 2012 |
• | Operating return on common equity(1) of 21.3% and return on common equity of 23.1% |
• | Service and fee income of $331.6 million, up 92.6% from 2012 |
• | Operating earnings(1) of $264.6 million compared to $191.6 million in 2012 |
• | Net income attributable to common stockholders of $286.9 million compared to $178.0 million in 2012 |
• | Diluted EPS of $3.67 compared with $2.34 in 2012 |
• | Combined ratio of 90.5% compared to 90.1% in 2012 |
• | Book value per common share of $17.85, up from $15.48 at December 31, 2012 |
• | AmTrust's stockholders' equity was $1.45 billion as of December 31, 2013 |
CONTACT: | AmTrust Financial Services, Inc. |
Investor Relations | |
Elizabeth Malone CFA | |
beth.malone@amtrustgroup.com | |
646.458.7924 | |
Media Contact | |
Kekst & Company | |
Andrea Calise | |
Andrea-calise@kekst.com | |
212.521.4845 | |
Robert Siegfried | |
robert-siegfried@kekst.com | |
212-521-4832 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Gross written premium | $ | 1,058,238 | $ | 773,645 | $ | 4,116,911 | $ | 2,749,326 | ||||||||
Net written premium | $ | 664,774 | $ | 413,012 | $ | 2,565,673 | $ | 1,648,037 | ||||||||
Change in unearned premium | 42,788 | (29,625 | ) | (299,683 | ) | (229,185 | ) | |||||||||
Net earned premium | 707,562 | 383,387 | 2,265,990 | 1,418,852 | ||||||||||||
Service and fee income | 92,963 | 54,064 | 331,559 | 172,174 | ||||||||||||
Investment income, net | 20,800 | 18,876 | 84,819 | 68,167 | ||||||||||||
Net realized gain | (4,936 | ) | 5,213 | 15,527 | 8,981 | |||||||||||
Other revenues | 108,827 | 78,153 | 431,905 | 249,322 | ||||||||||||
Total revenue | 816,389 | 461,540 | 2,697,895 | 1,668,174 | ||||||||||||
Loss and loss adjustment expense | 470,416 | 255,313 | 1,517,361 | 922,675 | ||||||||||||
Acquisition costs and other underwriting expense (5) | 165,745 | 91,796 | 533,162 | 356,005 | ||||||||||||
Other expense (5) | 79,500 | 67,413 | 291,617 | 177,709 | ||||||||||||
Total expenses | 715,661 | 414,522 | 2,342,140 | 1,456,389 | ||||||||||||
Income before other, provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | 100,728 | 47,018 | 355,755 | 211,785 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (10,602 | ) | (7,205 | ) | (34,691 | ) | (28,508 | ) | ||||||||
Net gain on life settlement contracts net of profit commission | 3,720 | 8,520 | 3,800 | 13,822 | ||||||||||||
Foreign currency gain (loss) | (8,956 | ) | 2,743 | (6,533 | ) | (242 | ) | |||||||||
Gain on acquisition (5) | — | — | 57,352 | — | ||||||||||||
Total other income (expenses) | (15,838 | ) | 4,058 | 19,928 | (14,928 | ) | ||||||||||
Income before provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | 84,890 | 51,076 | 375,683 | 196,857 | ||||||||||||
Provision for income taxes (5) | 19,413 | (7,395 | ) | 98,019 | 21,292 | |||||||||||
Equity in earnings of unconsolidated subsidiaries (related party) | 1,029 | 636 | 11,566 | 9,295 | ||||||||||||
Net income | 66,506 | 59,107 | 289,230 | 184,860 | ||||||||||||
Non-controlling interest | 159 | (3,794 | ) | 1,633 | (6,873 | ) | ||||||||||
Net income attributable to AmTrust stockholders | $ | 66,665 | $ | 55,313 | $ | 290,863 | $ | 177,987 | ||||||||
Dividends on preference shares | (1,941 | ) | — | (3,989 | ) | — | ||||||||||
Net income attributable to AmTrust common stockholders | $ | 64,724 | $ | 55,313 | $ | 286,874 | $ | 177,987 | ||||||||
Operating earnings attributable to AmTrust common stockholders (1) | $ | 81,887 | $ | 53,427 | $ | 264,588 | $ | 191,646 | ||||||||
AmTrust Financial Services, Inc. Income Statement (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per share | $ | 0.87 | $ | 0.75 | $ | 3.86 | $ | 2.42 | ||||||||
Diluted earnings per share | $ | 0.82 | $ | 0.72 | $ | 3.67 | $ | 2.34 | ||||||||
Operating diluted earnings per share (2) | $ | 1.03 | $ | 0.70 | $ | 3.39 | $ | 2.52 | ||||||||
Weighted average number of basic shares outstanding | 74,481 | 73,640 | 74,163 | 73,269 | ||||||||||||
Weighted average number of diluted shares outstanding | 79,059 | 76,187 | 77,984 | 75,620 | ||||||||||||
Combined ratio | 89.9 | % | 90.5 | % | 90.5 | % | 90.1 | % | ||||||||
Return on equity | 19.9 | % | 19.9 | % | 23.1 | % | 17.5 | % | ||||||||
Operating return on equity (3) | 25.1 | % | 19.3 | % | 21.3 | % | 18.8 | % | ||||||||
Reconciliation of net realized gain(loss): | ||||||||||||||||
Other-than-temporary investment impairments | $ | — | $ | (1,757 | ) | $ | — | $ | (2,965 | ) | ||||||
Impairments recognized in other comprehensive income | — | — | — | — | ||||||||||||
— | (1,757 | ) | — | (2,965 | ) | |||||||||||
Net realized gains on sale of investments | (4,936 | ) | 6,970 | 15,527 | 11,946 | |||||||||||
Net realized gains | $ | (4,936 | ) | $ | 5,213 | $ | 15,527 | $ | 8,981 |
December 31, 2013 | December 31, 2012 | |||||||
Cash, cash equivalents and investments | $ | 4,597,189 | $ | 2,696,402 | ||||
Premium receivables | 1,615,758 | 1,251,262 | ||||||
Goodwill and intangible assets | 665,393 | 532,839 | ||||||
Loss and loss expense reserves | 4,484,017 | 2,426,400 | ||||||
Unearned premium | 2,679,550 | 1,773,593 | ||||||
Trust preferred securities | 123,714 | 123,714 | ||||||
Convertible senior notes | 164,218 | 161,218 | ||||||
Senior notes | 250,000 | — | ||||||
Preferred shares | 115,000 | — | ||||||
AmTrust's stockholders' equity | 1,449,644 | 1,144,121 | ||||||
Book value per common share | $ | 17.85 | $ | 15.48 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Reconciliation of net income attributable to AmTrust common stockholders to operating earnings: | ||||||||||||||||
Net income attributable to AmTrust common stockholders | $ | 64,724 | $ | 55,313 | $ | 286,874 | $ | 177,987 | ||||||||
Less: Net realized gains (loss) net of tax | (3,208 | ) | 3,389 | 10,093 | 5,838 | |||||||||||
Non cash amortization of intangible assets | (10,877 | ) | (5,374 | ) | (31,667 | ) | (17,165 | ) | ||||||||
Non cash interest on convertible senior notes net of tax | (503 | ) | 1,128 | (1,950 | ) | (2,090 | ) | |||||||||
Foreign currency transaction gain (loss) | (2,575 | ) | 2,743 | (152 | ) | (242 | ) | |||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | — | 5,619 | — | ||||||||||||
Acquisition gain net of tax | — | — | 40,343 | — | ||||||||||||
Operating earnings attributable to AmTrust common stockholders (1) | $ | 81,887 | $ | 53,427 | $ | 264,588 | $ | 191,646 | ||||||||
Reconciliation of diluted earnings per share to diluted operating earnings per share: | ||||||||||||||||
Diluted earnings per share | $ | 0.82 | $ | 0.72 | $ | 3.67 | $ | 2.34 | ||||||||
Less: Net realized gain (loss) net of tax | (0.04 | ) | 0.04 | 0.13 | 0.08 | |||||||||||
Non cash amortization of intangible assets | (0.14 | ) | (0.06 | ) | (0.41 | ) | (0.23 | ) | ||||||||
Non cash interest on convertible senior notes net of tax | — | 0.01 | (0.02 | ) | (0.03 | ) | ||||||||||
Foreign currency transaction gain (loss) | (0.03 | ) | 0.03 | — | — | |||||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | — | 0.07 | — | ||||||||||||
Acquisition gain net of tax | — | — | 0.51 | — | ||||||||||||
Operating diluted earnings per share (2) | $ | 1.03 | $ | 0.70 | $ | 3.39 | $ | 2.52 | ||||||||
Reconciliation of return on common equity to operating return on common equity: | ||||||||||||||||
Return on common equity | 19.9 | % | 19.9 | % | 23.1 | % | 17.5 | % | ||||||||
Less: Net realized gain (loss) net of tax | (1.0 | )% | 1.1 | % | 0.8 | % | 0.6 | % | ||||||||
Non cash amortization of intangible assets | (3.2 | )% | (1.8 | )% | (2.6 | )% | (1.7 | )% | ||||||||
Non cash interest on convertible senior notes net of tax | (0.2 | )% | 0.4 | % | (0.2 | )% | (0.2 | )% | ||||||||
Foreign currency transaction gain (loss) | (0.8 | )% | 0.9 | % | — | % | — | % | ||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | % | — | % | 0.5 | % | — | % | ||||||||
Acquisition gain net of tax | — | % | — | % | 3.3 | % | — | % | ||||||||
Operating return on common equity (3) | 25.1 | % | 19.3 | % | 21.3 | % | 18.8 | % |
(1) | Operating earnings is a non-GAAP financial measure defined by the Company as net income attributable to AmTrust common stockholders less after-tax realized investment gain (loss), non-cash amortization of intangible assets, non-cash interest on convertible senior notes net of tax, foreign currency transaction gain (loss), gain resulting from a decrease in the ownership percentage of an equity investment in an unconsolidated subsidiary (related party) net of tax and acquisition gain, net of tax and should not be considered an alternative to net income. The Company believes operating earnings are a more relevant measure of the Company's profitability because operating earnings contain the components of net income upon which the Company's management has the most influence and excludes factors outside management's direct control and non-recurring items. The Company's measure of operating earnings may not be comparable to similarly titled measures used by other companies. |
(2) | Diluted operating earnings per share is a non-GAAP financial measure defined by the Company as net income attributable to AmTrust common stockholders less after-tax realized investment gain (loss), non-cash amortization of intangible assets, non-cash interest on convertible senior notes net of tax, foreign currency transaction gain (loss), gain resulting from a decrease in the ownership percentage of an equity investment in an unconsolidated subsidiary (related party) 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 believes that diluted earnings per share provides investors with a valuable measure of the Company's operating performance for the same reasons that the underlying measure, operating earnings, is considered a better measure of operating performance. The Company's measure of diluted operating earnings per share may not be comparable to similarly titled measures used by other companies. |
(3) | Operating return on equity is a non-GAAP financial measure defined by the Company as net income attributable to AmTrust common stockholders less after-tax realized investment gain (loss), non-cash amortization of intangible assets, non-cash interest on convertible senior notes net of tax, foreign currency transaction gain (loss), gain resulting from a decrease in the ownership percentage of an equity investment in an unconsolidated subsidiary (related party) 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 believes that operating return on equity provides investors with a valuable measure of the Company's operating performance for the same reasons that the underlying measure, operating earnings, is considered a better measure of operating performance. 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, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Reconciliation of net income attributable to AmTrust common stockholders to income from operations(4): | ||||||||||||||||
Net income attributable to AmTrust common stockholders | $ | 64,724 | $ | 55,313 | $ | 286,874 | $ | 177,987 | ||||||||
Less: Net realized gains (loss) net of tax | (3,208 | ) | 3,389 | 10,093 | 5,838 | |||||||||||
Non cash amortization of intangible assets | (10,877 | ) | (5,374 | ) | (31,667 | ) | (17,165 | ) | ||||||||
Non cash interest on convertible senior notes net of tax | (503 | ) | 1,128 | (1,950 | ) | (2,090 | ) | |||||||||
Foreign currency transaction gain (loss) | (2,575 | ) | 2,743 | (152 | ) | (242 | ) | |||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | — | 5,619 | — | ||||||||||||
Acquisition gain net of tax | — | — | 40,343 | — | ||||||||||||
Preferred dividend | (1,941 | ) | — | (3,989 | ) | — | ||||||||||
Income from operations (4) | $ | 83,828 | $ | 53,427 | $ | 268,577 | $ | 191,646 |
(4) | Income from Operations is a non-GAAP financial measure defined by the Company as net income attributable to AmTrust common stockholders less after-tax realized investment gain (loss), non-cash amortization of intangible assets, non-cash interest on convertible senior notes net of tax, foreign currency transaction gain (loss), gain resulting from a decrease in the ownership percentage of an equity investment in an unconsolidated subsidiary (related party) net of tax, acquisition gain, net of tax and preferred dividends and should not be considered as an alternative to net income. The Company believes income from operations is a more relevant measure of the Company's profitability because income from operations contains the components of net income upon which the Company's management has the most influence and excludes factors outside management's direct control and non-recurring items. The Company's measure of income from operations may not be comparable to similarly titled measures used by other companies. |
(5) | During the three months ended December 31, 2013, the Company began netting ceding commission with acquisition costs and other underwriting expenses. In prior periods, ceding commission earned was presented as a component of revenue. The amounts included in acquisition costs and other underwriting expense were $77,222 and $276,556 for the three months ended and year ended December 31, 2013, respectively. The amounts reclassified into acquisition costs and other underwriting expense were $56,298 and $196,982 for the three months ended and year ended December 31, 2012, respectively. Additionally, the Company reclassified certain amounts related to its Luxembourg reinsurance companies to reflect the reduction of its deferred tax liability related to its utilization of equalization reserves as a reduction of provision for income taxes rather than a reduction of acquisition costs and other underwriting expenses. The reclassified amounts involved increasing acquisition costs and other underwriting expenses by $1,855 and other expenses by $16,389 and reducing provision for income taxes by $18,244 for the three months ended December 31, 2012. For the year ended December 31, 2012, the reclassified amounts involved increasing acquisition costs and other underwriting expenses by $9,274 and other expenses by $16,389 and reducing provision for income taxes by $25,663. The impact of the aforementioned reclassifications had no impact on net income. These reclassifications increased our combined |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Gross written premium | ||||||||||||||||
Small Commercial Business | $ | 470,892 | $ | 243,659 | $ | 1,659,980 | $ | 933,740 | ||||||||
Specialty Risk and Extended Warranty | 382,569 | 351,596 | 1,511,649 | 1,118,710 | ||||||||||||
Specialty Program | 205,843 | 149,939 | 879,455 | 578,735 | ||||||||||||
Personal Lines Reinsurance | (1,066 | ) | 28,451 | 65,827 | 118,141 | |||||||||||
$ | 1,058,238 | $ | 773,645 | $ | 4,116,911 | $ | 2,749,326 | |||||||||
Net written premium | ||||||||||||||||
Small Commercial Business | $ | 303,130 | $ | 117,729 | $ | 935,313 | $ | 474,381 | ||||||||
Specialty Risk and Extended Warranty | 221,984 | 174,029 | 944,081 | 624,555 | ||||||||||||
Specialty Program | 140,726 | 92,803 | 620,452 | 430,960 | ||||||||||||
Personal Lines Reinsurance | (1,066 | ) | 28,451 | 65,827 | 118,141 | |||||||||||
$ | 664,774 | $ | 413,012 | $ | 2,565,673 | $ | 1,648,037 | |||||||||
Net earned premium | ||||||||||||||||
Small Commercial Business | $ | 316,716 | $ | 106,863 | $ | 833,812 | $ | 416,565 | ||||||||
Specialty Risk and Extended Warranty | 216,151 | 148,658 | 811,837 | 541,573 | ||||||||||||
Specialty Program | 159,201 | 98,796 | 520,371 | 348,568 | ||||||||||||
Personal Lines Reinsurance | 15,494 | 29,070 | 99,970 | 112,146 | ||||||||||||
$ | 707,562 | $ | 383,387 | $ | 2,265,990 | $ | 1,418,852 | |||||||||
Loss Ratio: | ||||||||||||||||
Small Commercial Business | 66.0 | % | 65.1 | % | 65.8 | % | 65.0 | % | ||||||||
Specialty Risk and Extended Warranty | 66.4 | % | 66.8 | % | 67.2 | % | 63.0 | % | ||||||||
Specialty Program | 67.4 | % | 68.5 | % | 68.2 | % | 68.4 | % | ||||||||
Personal Lines Reinsurance | 69.0 | % | 64.5 | % | 68.2 | % | 64.5 | % | ||||||||
Total | 66.5 | % | 66.6 | % | 67.0 | % | 65.0 | % | ||||||||
Expense Ratio: | ||||||||||||||||
Small Commercial Business | 26.1 | % | 26.1 | % | 25.5 | % | 26.6 | % | ||||||||
Specialty Risk and Extended Warranty | 16.6 | % | 19.1 | % | 18.6 | % | 20.8 | % | ||||||||
Specialty Program | 26.7 | % | 26.9 | % | 26.6 | % | 28.2 | % | ||||||||
Personal Lines Reinsurance | 30.5 | % | 30.5 | % | 30.5 | % | 30.5 | % | ||||||||
Total | 23.4 | % | 23.9 | % | 23.5 | % | 25.1 | % | ||||||||
Combined Ratio: | ||||||||||||||||
Small Commercial Business | 92.1 | % | 91.2 | % | 91.3 | % | 91.6 | % | ||||||||
Specialty Risk and Extended Warranty | 83.0 | % | 85.9 | % | 85.8 | % | 83.8 | % | ||||||||
Specialty Program | 94.1 | % | 95.4 | % | 94.9 | % | 96.6 | % | ||||||||
Personal Lines Reinsurance | 99.5 | % | 95.0 | % | 98.7 | % | 95.0 | % | ||||||||
Total | 89.9 | % | 90.5 | % | 90.5 | % | 90.1 | % |
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