- VSC Designed for Unique Attributes of Electric Vehicles Includes Parts, Labor and Battery Coverage
- Available Through All Car Dealers Included in the Endurance Network
NEW YORK, Jan. 25, 2019 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (“AmTrust” or the “Company”), a leading specialty commercial property and casualty insurer, together with Endurance Dealer Services, a premier provider of extended vehicle protection, today announced APEX EV, a Vehicle Service Contract (VSC) exclusively for electric vehicles that covers propulsion batteries.
“As electric vehicles continue to gain popularity, we saw an opportunity to develop a specialized extended warranty that is a first for the automotive industry,” said Bruce Saulnier, President of AmTrust Specialty Risk. “AmTrust is committed to innovation and offering niche products where we can add significant value. This new contract is a great example of how we are working with exceptional partners like Endurance to pioneer new offerings and we’re excited to be the first insurer to underwrite an electric car VSC that covers batteries.”
The VSC is designed specifically for the unique attributes of electric vehicles. This extended warranty includes parts and labor as well as propulsion battery coverage – which is often not included in traditional VSCs – but a key component for electric vehicles as the battery is critical to the functionality of the vehicle. The contract covers virtually all U.S. electric car models such as Honda Fit EV, Chevrolet Bolt, Nissan Leaf, BMW i3, Ford Focus Electric, Volkswagen e-Golf and others, with the exception of Tesla models and hybrid vehicles.
Aaron Segal, Managing Director of Endurance Dealer Services said, “Through our relationships with 3,500 new and used car dealers, we have seen firsthand the clear and growing need for an extended warranty for electric cars. Dealers within our network will now be able to offer this comprehensive coverage and purchasers will be afforded protection they can count on.”
The new electric vehicle service contract will be featured by Endurance at the 2019 NADA Show in San Francisco and is expected to launch in the first half of 2019. APEX EV will be available for purchase from car dealers who are part of the Endurance network. Agents and dealers interested can find out more information about Endurance at www.enduranceds.com.
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.
About Endurance
Founded in 2006, Endurance is the nation’s premier provider of extended vehicle protection. Endurance Dealer Services is the administrator and obligor of Endurance vehicle protection plans and programs, enabling us to customize our products to meet the ever-changing needs dealers and their customers. Endurance is one of the largest providers of vehicle service contracts in the nation and backed by AmTrust, an A.M. Best “A-” rated insurance company. To-date, we’ve paid more than 100 million dollars in claims and continue to be the industry’s fastest growing top-rated vehicle service contract provider. Agents and dealers nationwide make the move to Endurance Dealer Services every day to provide their customers with top quality products backed by the best customer service in the industry, and consumers have come to trust the Endurance name will provide them with the best protection for the road ahead. For more information about Endurance Dealer Services visit https://www.enduranceds.com.
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, 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, the ability to recognize the benefits of the merger, non-receipt of expected payments from insureds or reinsurers, changes in interest rates, a further downgrade in the financial strength ratings of our insurance subsidiaries, changes in tax laws, the effect of the performance of financial markets on our investment portfolio, 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, our ability to timely and effectively remediate the material weakness 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, any inability to keep pace with technological advances, heightened competition, changes in pricing environments, changes in asset valuations and the results of legal proceedings, including litigation relating to the merger. 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 news 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.
AmTrust Financial Services
Hunter Hoffmann
VP, Creative and Brand Marketing
hunter.hoffmann@amtrustgroup.com
(646) 870-1949