NEW YORK, May 20, 2016 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the “Company” or “AmTrust”) today announced that it has completed the acquisition of 100% of the outstanding shares of First Nationwide Title Agency, LLC and its subsidiaries (“First Nationwide”) for cash. First Nationwide and its majority shareholder, Steven Napolitano will be part of AmTrust Title, AmTrust’s expanding title insurance operation. During 2015, First Nationwide generated approximately $50 million in premium, ranking it among the largest title insurance agencies in the New York metropolitan area.
Steven Napolitano has been appointed Senior Executive Vice President of AmTrust Title and President of the Direct Title Division. He established First Nationwide In August 2012. First Nationwide is headquartered in New York City and has two additional locations. First Nationwide offers agency services for both the commercial and residential title insurance business throughout the U.S. with a concentration in the New York City metropolitan area.
“First Nationwide represents a key commitment to our growing title insurance operation,” said AmTrust Financial Services, Inc. President and CEO, Barry Zyskind. “Steve Napolitano and his successful team provide AmTrust with the critical resources to build a competitive title insurance business. We expect AmTrust Title will contribute to the Company’s fee and underwriting revenue.”
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York City, 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. For more information about AmTrust visit www.amtrustgroup.com.
Forward-Looking Statements
This news release contains "forward-looking statements" that 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. 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, risks associated with conducting business outside the United States, developments relating to existing agreements, disruptions to our business relationships with Maiden Holdings, Ltd., National General Holdings Corp., or ACP Re, Ltd., breaches in data security or other disruptions with our technology, heightened competition, changes in pricing environments, and changes in asset valuations. The forward-looking statements contained in this news release are made only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statements except as may be required by law. 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 the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly reports on Form 10-Q.
AFSI-F