July 6, 2017 / 8:40 PM / a month ago

BRIEF-Amtrust Financial partners with Premia Holdings on reinsurance agreement

July 6 (Reuters) - Amtrust Financial Services Inc

* Amtrust Financial Services, Inc. Partners with premia holdings ltd. On reinsurance agreement

* Amtrust Financial Services Inc - entered into agreement for a loss development cover with premia reinsurance ltd., a subsidiary of premia holdings ltd.

* Amtrust Financial Services - deal provides up to $400 million of reinsurance for adverse net loss reserve development in excess of co stated net loss reserves as of march 31, 2017

* Amtrust Financial Services Inc - agreement will be accounted for in amtrust's q2 2017 financial statements as a retroactive reinsurance agreement

* Amtrust Financial Services Inc - agreement will result in a one-time, non-operating pre-tax charge to net income of approximately $61 million

* Amtrust Financial Services Inc - on an after-tax basis, charge will be approximately $39 million, or $0.22 per common share

* Amtrust Financial Services - consideration paid to premia will be placed into collateral trust account as security for premia's claim payment obligations to co

* Amtrust Financial Services Inc - amtrust will retain sole authority to handle and resolve claims

* Amtrust Financial Services Inc - consideration for agreement is a payment of approximately $675 million Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below