AmTrust Financial Services, Inc. Announces Agreement to Acquire CyberComp From Swiss Re
NEW YORK, Aug 25, 2009 (GlobeNewswire via COMTEX News Network) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) announced today that it had entered into an agreement to acquire CyberComp, the workers' compensation business unit of Swiss Re, in a renewal rights transaction.
CyberComp has emerged in less than a decade as one of the leaders in internet-based mono-line workers' compensation. Utilizing a fully digitalized platform, CyberComp allows agents to enter data, get quotes and issue policies in a matter of minutes. Serving the workers' compensation needs of small to medium-sized employers in 26 States, CyberComp distributes through a network of 13 regional wholesale agencies and over 600 retail Agents. In the 12 month period ending June 30, 2009, net written premium totaled approximately $100 million.
"We are delighted to welcome CyberComp into our AmTrust family," stated Barry Zyskind, President and CEO of AmTrust. "CyberComp has long set a standard of excellence and innovation in the small workers' compensation market. This renewal rights acquisition offers us an opportunity to obtain and develop a book of business that is an appropriate and complementary fit to our business. We look forward to working closely with our new colleagues, employees and producers at CyberComp in the months ahead as we continue together to expand our workers' compensation business."
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage. For more information about AmTrust, visit www.amtrustgroup.com, or call AmTrust toll-free at 866.203.3037.
The AmTrust Financial Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3280
Forward Looking Statement
This news release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those projected as a result of significant risks and uncertainties, including non-receipt of the expected payments, changes in interest rates, effect of the performance of financial markets on investment income and fair values of investments, development of claims and the effect on loss reserves, accuracy in projecting loss reserves, the impact of competition and pricing environments, changes in the demand for the Company's products, the effect of general economic conditions, adverse state and federal legislation, regulations and regulatory investigations into industry practices, developments relating to existing agreements, heightened competition, changes in pricing environments, and changes in asset valuations. The Company undertakes no obligation to publicly update any forward-looking statements.
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SOURCE: AmTrust Financial Services, Inc.
CONTACT: AmTrust Financial Services, Inc. Investor Relations Hilly Gross 212.220.7120 ext. 7023 Cell: 917.692.5101 hgross@amtrustgroup.com
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