AmTrust Financial Services, Inc. Announces Retention of Financial Advisor to Review Proposal by Stone Point Capital, the CEO ...
19 Enero 2018 - 6:30AM
AmTrust Financial Services, Inc.
(Nasdaq:AFSI) (“AmTrust”)
, announced that the
special committee of its board of directors has retained Deutsche
Bank Securities Inc. as its financial advisor. The Special
Committee, with the assistance of Deutsche Bank and its legal
advisor, Willkie Farr & Gallagher LLP, is evaluating the
proposal received on January 9, 2018 from private equity funds
managed by Stone Point Capital LLC, together with Barry D. Zyskind,
Chairman and CEO of AmTrust, George Karfunkel and Leah Karfunkel
(collectively, the “Karfunkel-Zyskind Family”), to acquire all of
the outstanding shares of common stock of AmTrust that the
Karfunkel-Zyskind Family does not already own or control for $12.25
per share in cash. There can be no assurance that any
agreement will be executed or that a transaction will be approved
or consummated.
AmTrust has retained BofA Merrill Lynch to serve as its
financial advisor.
About AmTrust Financial Services, Inc. AmTrust
Financial Services, Inc., a multinational insurance holding company
headquartered in New York, offers specialty property and casualty
insurance products, including workers' compensation, commercial
automobile, general liability and extended service and warranty
coverage through its primary insurance subsidiaries rated "A"
(Excellent) by A.M. Best. AmTrust is included in the Fortune 500
list of largest companies. For more information about AmTrust visit
www.amtrustfinancial.com.
AmTrust Financial Services Chaya
CooperbergChief Communications Officer & SVP Corporate
Affairschaya.cooperberg@amtrustgroup.com(646) 458-3332
Jisoo SuhDirector of Investor
Relationsjisoo.suh@amtrustgroup.com(646) 458-3367
Hunter HoffmannGlobal Director of Public
RelationsHunter.Hoffmann@amtrustgroup.com646.458.3362
Forward Looking Statements
This news release contains certain forward-looking statements
that are intended to be covered by the safe harbors created by the
Private Securities Litigation Reform Act of 1995. When we use words
such as "anticipate," "intend," "plan," "believe," "estimate,"
"expect," or similar expressions, we do so to identify
forward-looking statements. Examples of forward-looking statements
include the plans and objectives of management for future
operations, including those relating to future growth of our
business activities and availability of funds, projections of the
impact of potential errors or misstatements in our financial
statements, and estimates of the impact of material weaknesses in
our internal control over financial reporting, and are based on
current expectations that involve assumptions that are difficult or
impossible to predict accurately and many of which are beyond our
control. Actual results may differ materially from those expressed
or implied in these statements as a result of significant risks and
uncertainties, including, but not limited to, non-receipt of
expected payments from insureds or reinsurers, changes in interest
rates, a downgrade in the financial strength ratings of our
insurance subsidiaries, the effect of the performance of financial
markets on our investment portfolio, the amounts, timing and prices
of any share repurchases made by us under our share repurchase
program, development of claims and the effect on loss reserves,
accuracy in projecting loss reserves, the cost and availability of
reinsurance coverage, the effects of emerging claim and coverage
issues, changes in the demand for our products, our degree of
success in integrating acquired businesses, the effect of general
economic conditions, state and federal legislation, regulations and
regulatory investigations into industry practices, the impact of
known or potential errors or misstatements in our financial
statements, our ability to timely and effectively remediate the
material weaknesses in our internal control over financial
reporting and implement effective internal control over financial
reporting and disclosure controls and procedures in the future,
risks associated with conducting business outside the United
States, the impact of Brexit, developments relating to existing
agreements, disruptions to our business relationships with Maiden
Holdings, Ltd. or National General Holdings Corp., breaches in data
security or other disruptions with our technology, heightened
competition, changes in pricing environments, and changes in asset
valuations. Additional information about these risks and
uncertainties, as well as others that may cause actual results to
differ materially from those projected, is contained in our filings
with the SEC, including our Annual Report on Form 10-K and our
quarterly reports on Form 10-Q. The projections and statements in
this news release speak only as of the date of this release and we
undertake no obligation to update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
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