Insight and Intelligence on the London & International Insurance Markets 21 Nov 2017

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AmTrust shares advance on ADC deal

  • Bernard Goyder 7 July 2017
  • Investors today responded positively to AmTrust's $400mn adverse development cover (ADC) agreement with Arch-owned reinsurer Premia.

    AmTrust shares rose almost 3.7 percent to close at $15.30 on the Nasdaq stock exchange.

    The insurer's decision to secure about $400mn in coverage above its $6.59bn of carried loss reserves as of 31 March ill result in a $61mn pre-tax charge against second quarter earnings.

    AmTrust said the deal became effective on 30 June and covered exposures through to 1 April 2017.

    Randy...

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