Date of Report (Date of Earliest Event Reported) | August 8, 2017 |
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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter) Emerging growth company o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
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 August 8, 2017. |
AmTrust Financial Services, Inc. | |
(Registrant) |
Date | August 8, 2017 |
/s/ Stephen Ungar | |
Stephen Ungar | |
Senior Vice President, General Counsel and Secretary |
• | Second quarter gross written premium of $2.2 billion and net earned premium of $1.4 billion, up 6.1% and 16.8%, respectively, from the second quarter 2016 |
• | Second quarter service and fee income of $168.4 million, up 35.5% from the second quarter 2016 |
• | Second quarter net income attributable to common stockholders of $5.8 million, or $0.03 per diluted share, compared to $127.2 million, or $0.73 per diluted share, in the second quarter 2016 |
• | Second quarter operating earnings(1) of $72.9 million, or $0.40 per diluted share, compared to $135.3 million, or $0.77 per diluted share, in the second quarter 2016 |
• | Second quarter gain of $68.4 million on sale of 10.6 million shares of National General stock |
• | Second quarter loss ratio of 74.2% compared with 66.4% in the second quarter of 2016 |
• | Second quarter loss ratio of 68.9% after giving effect to the adverse development cover |
• | Second quarter combined ratio of 101.2% compared with 91.3% in the second quarter 2016 |
• | Adjusted combined ratio of 95.9%, after giving effect to the adverse development cover, versus 91.3% in the second quarter 2016 |
• | Second quarter annualized return on common equity and annualized operating return on common equity of 0.9% and 11.4%, respectively |
• | Board of Directors approves payment of quarterly dividend on common stock of $0.17 |
Series | Rate | Dividend | ||
A | 6.750% | $0.421875 | ||
B | 7.250% | $0.453125 | ||
C | 7.625% | $0.476563 | ||
D | 7.500% | $0.468750 | ||
E | 7.750% | $0.484375 | ||
F | 6.950% | $0.434375 |
CONTACT: | AmTrust Financial Services, Inc. |
Chaya Cooperberg | |
Chief Communications Officer & SVP Corporate Affairs | |
chaya.cooperberg@amtrustgroup.com | |
(646) 458-3332 |
AmTrust Financial Services, Inc. Income Statements (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
As restated | As restated | |||||||||||||||
Gross written premium | $ | 2,199,747 | $ | 2,073,112 | $ | 4,466,027 | $ | 4,006,186 | ||||||||
Net written premium | $ | 1,371,902 | $ | 1,268,436 | $ | 2,715,968 | $ | 2,489,115 | ||||||||
Change in unearned premium | 8,807 | (86,684 | ) | (112,727 | ) | (233,081 | ) | |||||||||
Net earned premium | 1,380,709 | 1,181,752 | 2,603,241 | 2,256,034 | ||||||||||||
Service and fee income | 168,446 | 124,306 | 305,942 | 253,111 | ||||||||||||
Net investment income | 49,226 | 50,745 | 112,551 | 100,160 | ||||||||||||
Net realized gain on investments | 23,455 | 15,099 | 32,070 | 23,074 | ||||||||||||
Other revenue | 241,127 | 190,150 | 450,563 | 376,345 | ||||||||||||
Total revenue | 1,621,836 | 1,371,902 | 3,053,804 | 2,632,379 | ||||||||||||
Loss and loss adjustment expense | 1,024,478 | 784,393 | 1,864,812 | 1,499,466 | ||||||||||||
Acquisition costs and other underwriting expense | 373,195 | 294,477 | 701,410 | 566,945 | ||||||||||||
Other expense | 199,860 | 134,344 | 362,713 | 263,611 | ||||||||||||
Total expense | 1,597,533 | 1,213,214 | 2,928,935 | 2,330,022 | ||||||||||||
Income before other income (loss), benefit (provision) for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | 24,303 | 158,688 | 124,869 | 302,357 | ||||||||||||
Other income (loss): | ||||||||||||||||
Interest expense | (24,229 | ) | (17,912 | ) | (47,830 | ) | (33,786 | ) | ||||||||
(Loss) gain on life settlement contracts net of profit commission | (1,261 | ) | 12,676 | 7,349 | 23,406 | |||||||||||
Foreign currency loss | (58,948 | ) | (28,995 | ) | (76,916 | ) | (67,228 | ) | ||||||||
Gain on acquisition | — | 39,097 | — | 48,775 | ||||||||||||
Total other (loss) income | (84,438 | ) | 4,866 | (117,397 | ) | (28,833 | ) | |||||||||
(Loss) income before provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | (60,135 | ) | 163,554 | 7,472 | 273,524 | |||||||||||
Benefit (provision) for income taxes | 19,727 | (23,807 | ) | (1,629 | ) | (42,767 | ) | |||||||||
Equity in earnings of unconsolidated subsidiaries (related parties) | 69,531 | 4,802 | 73,488 | 10,578 | ||||||||||||
Net income | 29,123 | 144,549 | 79,331 | 241,335 | ||||||||||||
Net income attributable to redeemable non-controlling interest and non-controlling interest of subsidiaries | (6,723 | ) | (5,817 | ) | (17,728 | ) | (9,834 | ) | ||||||||
Net income attributable to AmTrust Financial Services, Inc. | 22,400 | 138,732 | 61,603 | 231,501 | ||||||||||||
Dividends on preferred stock | (16,571 | ) | (11,576 | ) | (33,142 | ) | (20,367 | ) | ||||||||
Net income attributable to AmTrust common stockholders | $ | 5,829 | $ | 127,156 | $ | 28,461 | $ | 211,134 | ||||||||
Operating earnings(1) attributable to AmTrust common stockholders | $ | 72,871 | $ | 135,260 | $ | 128,610 | $ | 258,145 | ||||||||
AmTrust Financial Services, Inc. Income Statements (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
As restated | As restated | |||||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.73 | $ | 0.16 | $ | 1.21 | ||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.73 | $ | 0.16 | $ | 1.20 | ||||||||
Operating diluted earnings per share (1) | $ | 0.40 | $ | 0.77 | $ | 0.73 | $ | 1.46 | ||||||||
Weighted average number of basic shares outstanding | 180,679 | 173,182 | 175,799 | 174,346 | ||||||||||||
Weighted average number of diluted shares outstanding | 181,528 | 175,047 | 176,914 | 176,227 | ||||||||||||
Combined ratio | 101.2 | % | 91.3 | % | 98.6 | % | 91.6 | % | ||||||||
Adjusted combined ratio | 95.9 | % | 91.3 | % | 95.8 | % | 91.6 | % | ||||||||
Return on common equity | 0.9 | % | 21.6 | % | 2.2 | % | 18.2 | % | ||||||||
Operating return on equity (1) | 11.4 | % | 22.9 | % | 10.1 | % | 22.2 | % | ||||||||
Net realized gain (loss) on investments: | ||||||||||||||||
Total other-than-temporary impairment loss | $ | — | $ | (16,956 | ) | $ | — | $ | (16,956 | ) | ||||||
Portion of loss recognized in other comprehensive income | — | — | — | — | ||||||||||||
Net impairment losses recognized in earnings | — | (16,956 | ) | — | (16,956 | ) | ||||||||||
Net realized gain recognized on available for sale securities | 19,672 | 33,391 | 31,302 | 38,663 | ||||||||||||
Net unrealized gain (loss) on trading securities and other investments | 3,783 | (1,336 | ) | 768 | 1,367 | |||||||||||
Net realized investment gain | $ | 23,455 | $ | 15,099 | $ | 32,070 | $ | 23,074 |
AmTrust Financial Services, Inc. Calculation of Underlying Combined Ratio and Adjusted Underlying Combined Ratio (Unaudited) | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Combined ratio | 101.2 | % | 91.3 | % | 98.6 | % | 91.6 | % | ||||
Unfavorable prior year reserve development ceded under the ADC | (5.3 | )% | — | % | (2.8 | )% | — | % | ||||
Adjusted combined ratio | 95.9 | % | 91.3 | % | 95.8 | % | 91.6 | % | ||||
Unfavorable prior year reserve development not ceded under the ADC | — | % | (2.2 | )% | (0.7 | )% | (4.5 | )% | ||||
Catastrophe losses | (1.8 | )% | (1.5 | )% | (1.9 | )% | (0.9 | )% | ||||
Adjusted underlying combined ratio | 94.1 | % | 87.6 | % | 93.2 | % | 86.2 | % |
AmTrust Financial Services, Inc. Balance Sheets Highlights (in thousands, except book value per common share) | |||||||||
June 30, 2017 | December 31, 2016 | ||||||||
(Unaudited) | (Audited) | ||||||||
Cash, cash equivalents and investments | $ | 9,879,929 | $ | 9,235,666 | |||||
Premium receivables, net | 3,093,247 | 2,802,167 | |||||||
Goodwill and intangible assets | 1,348,186 | 1,243,125 | |||||||
Loss and loss adjustment expense reserves | 11,149,511 | 10,140,716 | |||||||
Unearned premium | 5,297,190 | 4,880,066 | |||||||
Debt | 1,284,629 | 1,234,900 | |||||||
Preferred stock | 913,750 | 913,750 | |||||||
AmTrust's stockholders' equity | 3,663,518 | 3,269,103 | |||||||
Book value per common share | $ | 14.04 | $ | 13.81 |
AmTrust Financial Services, Inc. Non-GAAP Financial Measures (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
As restated | As restated | |||||||||||||||
Reconciliation of net income attributable to AmTrust common stockholders to operating earnings (1): | ||||||||||||||||
Net income attributable to AmTrust common stockholders | $ | 5,829 | $ | 127,156 | $ | 28,461 | $ | 211,134 | ||||||||
Less: Net realized gain on investments | 23,455 | 15,099 | 32,070 | 23,074 | ||||||||||||
Non-cash amortization of intangible assets | (18,673 | ) | (12,798 | ) | (37,764 | ) | (23,410 | ) | ||||||||
Non-cash interest on convertible senior notes | (1,648 | ) | (1,538 | ) | (3,296 | ) | (3,075 | ) | ||||||||
Foreign currency loss | (58,948 | ) | (28,995 | ) | (76,916 | ) | (67,228 | ) | ||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) | 68,425 | — | 68,425 | — | ||||||||||||
Gain on acquisition | — | 39,097 | — | 48,775 | ||||||||||||
One time retroactive reinsurance premium payment and associated claims monitoring fee at net present value | (58,949 | ) | — | (58,949 | ) | — | ||||||||||
Deferred gain on retroactive reinsurance | (14,120 | ) | — | (14,120 | ) | — | ||||||||||
Tax effect of adjustments reflected above (2) | (6,584 | ) | (18,969 | ) | $ | (9,599 | ) | $ | (25,147 | ) | ||||||
Operating earnings (1) attributable to AmTrust common stockholders | $ | 72,871 | $ | 135,260 | $ | 128,610 | $ | 258,145 | ||||||||
Reconciliation of earnings per diluted share to operating diluted earnings per share (1): | ||||||||||||||||
Earnings per diluted share | $ | 0.03 | $ | 0.73 | $ | 0.16 | $ | 1.20 | ||||||||
Less: Net realized gain on investments | 0.13 | 0.08 | 0.18 | 0.13 | ||||||||||||
Non-cash amortization of intangible assets | (0.10 | ) | (0.07 | ) | (0.21 | ) | (0.13 | ) | ||||||||
Non-cash interest on convertible senior notes | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||
Foreign currency loss | (0.33 | ) | (0.15 | ) | (0.44 | ) | (0.37 | ) | ||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) | 0.39 | — | 0.39 | — | ||||||||||||
Gain on acquisition | — | 0.21 | — | 0.27 | ||||||||||||
One time retroactive reinsurance premium payment and associated claims monitoring fee at net present value | (0.33 | ) | — | (0.34 | ) | — | ||||||||||
Deferred gain on retroactive reinsurance | (0.08 | ) | — | (0.08 | ) | — | ||||||||||
Tax effect of adjustments reflected above (2) | (0.04 | ) | (0.10 | ) | (0.05 | ) | (0.14 | ) | ||||||||
Operating earnings per diluted share (1) | $ | 0.40 | $ | 0.77 | $ | 0.73 | $ | 1.46 | ||||||||
Reconciliation of return on common equity to operating return on common equity (1): : | ||||||||||||||||
Return on common equity | 0.9 | % | 21.6 | % | 2.2 | % | 18.2 | % | ||||||||
Less: Net realized gain on investments | 3.7 | % | 2.4 | % | 2.5 | % | 2.0 | % | ||||||||
Non-cash amortization of intangible assets | (2.9 | )% | (2.1 | )% | (3.0 | )% | (2.0 | )% | ||||||||
Non-cash interest on convertible senior notes | (0.3 | )% | (0.2 | )% | (0.3 | )% | (0.3 | )% | ||||||||
Foreign currency loss | (9.3 | )% | (4.7 | )% | (6.0 | )% | (5.8 | )% | ||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) | 10.7 | % | — | % | 5.4 | % | — | % | ||||||||
Gain on acquisition | — | % | 6.3 | % | — | % | 4.2 | % | ||||||||
One time retroactive reinsurance premium payment and associated claims monitoring fee at net present value | (9.2 | )% | — | % | (4.6 | )% | — | % |
Deferred gain on retroactive reinsurance | (2.2 | )% | — | % | (1.1 | )% | — | % | ||||||||
Tax effect of adjustments reflected above (2) | (1.0 | )% | (3.0 | )% | (0.8 | )% | (2.1 | )% | ||||||||
Operating return on common equity (1) | 11.4 | % | 22.9 | % | 10.1 | % | 22.2 | % |
(1) | References to operating earnings attributable to AmTrust common stockholders ("Operating Earnings"), operating earnings per diluted share ("EPS"), and operating return on common equity are non-GAAP financial measures. Operating Earnings is defined by the Company as net income attributable to AmTrust common stockholders less net realized gain on investments, non-cash amortization of intangible assets, non-cash interest on convertible senior notes, foreign currency loss, gain resulting from decrease in ownership of equity investment in unconsolidated subsidiaries (related party), gain on acquisition, one time retroactive reinsurance premium payment and associated claims monitoring fee at net present value in 2017, unfavorable prior year reserve development under the ADC and related deferred gain on retroactive reinsurance in 2017 and the income tax impact on certain of these aforementioned adjustments(2). Operating Earnings should not be considered an alternative to net income. Operating earnings per diluted share is defined by the Company as Operating Earnings divided by the weighted average diluted shares outstanding for the period and should not be considered an alternative to earnings per diluted share. Operating return on common equity is defined by the Company as Operating Earnings divided by the average common equity for the period and should not be considered an alternative to return on common equity. The Company believes Operating Earnings, operating earnings per diluted share, and operating return on common equity are more relevant measures of the Company's profitability because Operating Earnings, operating earnings per diluted share, and operating return on common equity 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, operating earnings per diluted share, and operating return on common equity may not be comparable to similarly titled measures used by other companies. |
(2) | The Company calculated the income tax effect of certain adjustments using the U.S. federal statutory income tax rate of 35%. Specifically, realized gain on investments, one time retroactive reinsurance premium payment and associated claims monitoring fee at net present value, and unfavorable prior year reserve development and related deferred gain on retroactive reinsurance are predominantly U.S. sourced and, therefore, are subject to tax at 35%. In addition, gain on acquisition is both U.S. and foreign sourced gain that is ultimately subject to tax at 35%. The Company does not report non-cash amortization of intangible assets, non-cash interest on convertible senior notes, or foreign currency loss net of tax. |
AmTrust Financial Services, Inc. Segment Information (in thousands, except percentages) (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
As restated | As restated | |||||||||||||||
Gross written premium | ||||||||||||||||
Small Commercial Business | $ | 1,123,292 | $ | 1,060,558 | $ | 2,380,577 | $ | 2,126,690 | ||||||||
Specialty Risk and Extended Warranty | 795,932 | 651,561 | 1,528,374 | 1,181,007 | ||||||||||||
Specialty Program | 280,523 | 360,993 | 557,076 | 698,489 | ||||||||||||
$ | 2,199,747 | $ | 2,073,112 | $ | 4,466,027 | $ | 4,006,186 | |||||||||
Net written premium | ||||||||||||||||
Small Commercial Business | $ | 638,762 | $ | 601,638 | $ | 1,297,741 | $ | 1,226,166 | ||||||||
Specialty Risk and Extended Warranty | 555,486 | 447,061 | 1,065,694 | 784,894 | ||||||||||||
Specialty Program | 177,654 | 219,737 | 352,533 | 478,055 | ||||||||||||
$ | 1,371,902 | $ | 1,268,436 | $ | 2,715,968 | $ | 2,489,115 | |||||||||
Net earned premium | ||||||||||||||||
Small Commercial Business | $ | 631,864 | $ | 572,978 | $ | 1,185,489 | $ | 1,077,072 | ||||||||
Specialty Risk and Extended Warranty | 539,003 | 357,884 | 1,012,493 | 679,725 | ||||||||||||
Specialty Program | 209,842 | 250,890 | 405,259 | 499,237 | ||||||||||||
$ | 1,380,709 | $ | 1,181,752 | $ | 2,603,241 | $ | 2,256,034 | |||||||||
Loss Ratio: | ||||||||||||||||
Small Commercial Business | 73.9 | % | 66.8 | % | 71.2 | % | 66.4 | % | ||||||||
Specialty Risk and Extended Warranty | 68.8 | % | 64.6 | % | 67.5 | % | 65.1 | % | ||||||||
Specialty Program | 89.0 | % | 67.8 | % | 83.2 | % | 68.4 | % | ||||||||
Total | 74.2 | % | 66.4 | % | 71.6 | % | 66.5 | % | ||||||||
Expense Ratio: | ||||||||||||||||
Small Commercial Business | 26.9 | % | 26.2 | % | 27.4 | % | 26.4 | % | ||||||||
Specialty Risk and Extended Warranty | 26.0 | % | 22.0 | % | 25.6 | % | 22.3 | % | ||||||||
Specialty Program | 29.9 | % | 26.1 | % | 29.0 | % | 26.4 | % | ||||||||
Total | 27.0 | % | 24.9 | % | 27.0 | % | 25.1 | % | ||||||||
Combined Ratio: | ||||||||||||||||
Small Commercial Business | 100.8 | % | 93.0 | % | 98.6 | % | 92.8 | % | ||||||||
Specialty Risk and Extended Warranty | 94.8 | % | 86.6 | % | 93.1 | % | 87.4 | % | ||||||||
Specialty Program | 118.9 | % | 93.9 | % | 112.2 | % | 94.8 | % | ||||||||
Total | 101.2 | % | 91.3 | % | 98.6 | % | 91.6 | % |
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