Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)

AmTrust Financial Services Inc. (NASDAQ:AFSI)

Q2 2008 Earnings Call

July 30, 2008 10:00 am ET

Executives

Hilly Gross - VP of IR

Barry Zyskind - CEO

Ron Pipoly - CFO

Analysts

Bijan Moazami - Friedman, Billings, Ramsey & Co.

Dan Schlemmer - FPK

Adam Klauber - FPK

Operator

Good morning, everyone. Welcome to the AmTrust Financial Services second quarter 2008 Earnings Call. (Operator Instructions).

At this time, I would like to turn the conference call over to Mr. Hilly Gross, Vice President of Investor Relations. Please go ahead, sir.

Hilly Gross

Thank you. Good morning. Welcome to AmTrust Financial Services second quarter 2008 earnings conference call. With me this morning is Mr. Barry Zyskind, CEO of AmTrust Financial and Mr. Ron Pipoly, Chief Financial Officer of AmTrust Financial. Before I introduce both gentlemen to you, allow me to read into the records a mandatory paragraph on forward-looking statements.

Because this conference calls contains forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, these 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 value of investments, developments of claims, 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 statement.

Having dispensed with the legal niceties, it is now my pleasure to introduce to you AmTrust's Chief Executive Officer, Mr. Barry Zyskind.

Barry Zyskind

Thank you, Hilly and good morning. I am pleased to report that AmTrust had an outstanding second quarter and is continuing to achieve both topline and bottom line growth. Gross written premium for the second quarter was approximately $302 million, an increase of 43% over the same quarter in 2007.

Our net income was $26.4 million for the second quarter of 2008, an increase of 23% over 2007. More importantly, our operating earnings continue to grow and for the second quarter of 2008 was $27.7 million, an increase of 53% over the second quarter in 2007. This increase was attributable to both organic growth and the successful integration of our recent acquisitions.

Our three business segments continue to perform strongly. With the completed integration of Unitrin Business Insurance, our workers' compensation segment has expanded to a commercial business segment, writing primarily small commercial lines. We look forward to additional opportunities for cross marketing, commercial products to our network of over 9000 agents throughout the United States.

Because we are fortunate to operate in niche markets, our renewal rates and customer retention remains high in all of our segments. This allows us to concentrate our energies on the writing of new business, as we maintain our pricing discipline, grow geographically, and introduce additional products. Our ongoing commitment to efficiency and expense management continues to be upfront, resulting in lower expense ratios.

We maintain our adherence to profitable and disciplined underwriting, as we continue to grow responsibly, positioning ourselves to both the present and the future. We feel confident in our conservative investment portfolio, which as previously stated, has no exposure to sub-prime mortgages and continues to perform well. Of our $1.5 billion portfolio, we have approximately 95% in bonds, cash and short-term investments. 60% of our bond portfolio is AAA, or US government or government agencies, while 90% is A rated or better.

We are pleased to see strong growth in our book value, more closely matching our earnings in the previous two quarters. The small unrealized loss during the second quarter came from our equity, which play a decreasing role in our portfolio, now comprising of approximately 3% of the overall portfolio. We feel confident that our book value will continue to grow inline with our earnings going forward.

The current insurance market is undeniably competitive, and yet despite these conditions, we at AmTrust continue to see excellent growth prospects. For example, we see opportunity in the recent legislative change in New York State, while it will result in many subinsured workers compensation trust decreasing their activities. We have positioned ourselves through key relationships that allow us to confidently anticipate a significant increase in workers' compensation business over the next 12 months.

We see opportunity as well in our focus on carefully managed growth, disciplined underwritings, and pricing, strategy acquisitions of diligent cost control. We believe that we will be able to take advantages of this opportunity in the marketplace with many subinsureds will be leaving the subinsured market, going into their primary markets, and we have positioned ourselves, as I mentioned, to really take advantage of this opportunity.

Our strategic agreement with Maiden Insurance Company continues to prove accretive to AmTrust. As we see additional opportunities in the marketplace AmTrust benefits from the increased capacity for growing our business. The increased capacity allows us to look at opportunities and take advantage of them having more capital.

In conclusion, we feel strongly about all of our segments, as well as the benefits we enjoy as a diversified company, operating in multiple lines of business in various geographic regions. We are strongly capitalized, and this provides us with a flexibility to grow our business and take advantage of opportunities as they arrive.

And now, I would like to turn the discussion over to our Chief Financial Officer, Ron Pipoly to report on our second quarter financial highlights.

Ron Pipoly

Thank you, Barry. Good morning. As previously mentioned, in the second quarter of 2008 the company had record gross written premium of $301.1 million and operating earnings per share of $0.46.

For the six months ended June 30, 2008, gross written premium was $535.8 million and operating earnings per share was $0.89. For the quarter, gross written premium increased by $91.1 million or 43.4% from $210 million in 2007, to $301.1 million in 2008. For the six months ended June 30, 2008, gross written premium increased by a $136.1 million or 34.1% from $399.7 million in 2007 to $535.8 million in 2008.

For the year, all three of our segments have experienced growth. In terms of second quarter gross written premium by segment, our small commercial business segment grew by 43.2% or $33.8 million from $78.3 million for the second quarter of 2007 to $112.1 million for the second quarter of 2008.

With inclusion of the UBI acquisition, the company changed its small business workers' compensation segment to small commercial business segment, and now includes both workers’ compensation business and commercial business produced from the UBI acquisition. The $112.1 million of gross written premium includes $12.1 million of UBI premium written in June. Additionally, the company assumed $19.3 million of earned premium from Unitrin as part of the UBI acquisition.

As mentioned on previous calls, we continue to be disciplined in both risk selection and pricing. The specialty risk and extended warranty segment grew by 83.6% or $58 million from $69.3 million in the second quarter of 2007 to a $127.3 million in the second quarter of 2008. The growth in this segment was driven organically by new programs, as well as, extending program within our existing customer base. We continue to see premium growth, both domestically as well as internationally.

The specialty middle-market segment was primarily flat for the second quarter of 2008, as gross written premium was $61.7 million in 2008, compared to $62.4 million in 2007.

As far as year-to-date gross written premium, the small commercial business segment gross written premium was $201.4 million for the first six months of 2008, compared to a $168.1 million for the six months of 2007.

The specialty risk and extended warranty gross written premium was $215.1 million for the first six months of 2008, compared to $117.3 million for the first six months of 2007. Specialty middle-market gross written premium was $119.4 million for the first six months of 2008, compared to $114.3 million for the first six months of 2007, as you can see we've experienced growth in all three of our segments for the year.

In terms of net written premium, we ceded $80.9 million of premiums to Maiden during the second quarter of 2008, and as a result, our net written premium for the quarter was $132.1 million, compared to $163.5 million for the second quarter of 2007. On a year-to-date basis, we've ceded our $168.8 million of premium to Maiden, and as a result, our net written premium for the first six months of 2008 was $249.5 million, compared to $324.1 million for 2007.

In terms of earned premium for the second quarter and as a result of ceding $63 million of earned premium to Maiden during the second quarter, our earned premium was $115.9 million, compared to $130.4 million for the second quarter of 2007.

Earned premium by segment was as follows; small commercial business was $42.6 million in 2008, compared to $65.9 million in 2007. Specialty risk and extended warranty was $43.1 million in 2008, compared to $33.3 million. Specialty middle-market was $30.2 million in 2008, compared to $31.1 million in 2007.

On a year-to-date basis, we ceded $126.8 million of earned premium to Maiden for the first six months of 2008, and as a result, we had net earned premium for this first six months of 2008 of $213.3 million, compared to $249.1 million for the first six months of 2007. We earned $35.2 of ceding commission revenue from Maiden during the quarter and $55.4 million for the first six months of 2008.

The overall combined ratio for the second quarter was 81.7%, compared to 90% for the second quarter of 2008. In terms of the components of our combined ratio, the loss ratio for the second quarter was 63.9%, compared to 65.2% in the second quarter of 2007. The expense ratio for the second quarter was 17.8%, compared to 24.8% for the second quarter of 2007.

Our expense ratio of the second quarter of 2008 without the effect of the Maiden ceding commission on our quota share and one-time UBI unearned premium cession was 24.7%. As you can see, we continue to leverage down our expenses. We continue to be diligent in our pricing and risk selection and we also continue to see positive trends in our royalties.

The combined ratio for the second quarter, for the small commercial business segment was 76.6%, which was made up of a loss ratio of 58.1% and an expense ratio of 18.5%. The combined ratio for the second quarter of the specialty risk and extended warranty segment was 81.1%, which was made up of a loss ratio of 69.3% and an expense ratio of 11.8%. The combined ratio for the second quarter for the specialty middle-market segment was 89.8%, which was made up of a loss ratio of 64.5% and the expense ratio of 25.3%.

The year-to-date combined ratio for small commercial business was 76.5%, which was comprised of a loss ratio of 55.5% and an expense ratio of 21%. The year-to-date combined ratio for the specialty risk and extended warranty was 77.3%, which was comprised of a loss ratio of 65.8% and an expense ratio of 11.6%. The year-to-date combined ratio for the specialty middle-market was 88.4%, which was comprised of a loss ratio of 62.2% and expense ratio of 26.2%.

It is important to note that, as previously disclosed; the company had a one-time cession to Maiden of $82.2 million of acquired unearned premium as part of the UBI acquisition. Of that $82.2 million, only $19.3 million is a component of our gross written premium. Earned premium of $13.2 million was ceded to Maiden during the second quarter associated with that initial UBI unearned premium transfer.

For the second quarter, net operating income was $27.7 million or $0.46 per share, net income was $26.4 million or $0.44 per share. On a year-to-date basis, net operating income for the year was $53.4 million or $0.89 per share. Net income was $48.6 million or $0.81 per share. For the second quarter, our investment income was $14.2 million and realized losses were $2.1 million. For the year our investment income was $27.7 million and realized losses were $7.4 million.

Our average rate of return on fixed maturities, cash and short-term investments for the year was 5.4%. Annualized return on equity for the second quarter was 26%; annualized return on equity for the six months was 24.1%. Year-to-date, the company generated over $80 million in positive cash flow from operations.

Total shareholders equity was $414.4 million, which represents a book value of $6.91 per share. We also paid a quarterly dividend of $0.04 per common share during the second quarter. The total assets as of June 30, 2008 were approximately $3 billion. Total invested assets were approximately $1.5 billion. Fixed maturities comprised 66.3% of the portfolio; cash and short-term investments 29%, equity securities 3% and other investments of 1.7%. Thank you.

Hilly Gross

Thank you, Ron and thank you, Barry. Both Barry Zyskind and Ron Pipoly have indicated their willingness to answer questions from listening audience of our earnings conference call. In order to allow you to facilitate access directly to us I am going to turn it back momentarily to our control booth for instructions.

Question-and-Answer Session

Operator

(Operator instructions). We'll take our first question from Bijan Moazami.

Bijan Moazami - Friedman, Billings, Ramsey & Co.

Good morning, everyone. Couple of questions; first, on the growth opportunities that are you seeing, especially in the extended warranty, where are you growing? How you are growing? How you are doing it? If you can expand a little more on that.

Barry Zyskind

Bijan, this is Barry. We are growing both here in the United States and in Europe. As we mentioned previously, this is a very, very niche market, there is not a lot of competitors. The business that we go after are the smaller accounts. We are really one of the largest players in it. And we are just very aggressive both in United States and Europe. With the declining economy, more and more retailers and manufactures that maybe have shied away from selling extended warranties and additional services now are coming in and need additional revenues. So, we are seeing just a lot more opportunities from a broad range both in Europe and the United States. We have a great team. We have great systems for it. We have the capital. So, we are pursuing it aggressively.

Bijan Moazami - Friedman, Billings, Ramsey & Co.

Wonderful. In terms of acquisition environment, what are you seeing out there? What kind of appetite do you have? And how large of an acquisition you would be able to absorb?

Barry Zyskind

I am sorry, Bijan. Can you just repeat the question again?

Bijan Moazami

I am just wondering what you are seeing in the market place? What kind of appetite you have for acquisition? Are you seeing opportunities just like Unitrin in the market place, is the softening market environment giving you a better chance to be doing even better acquisitions?

Barry Zyskind

I think we are constantly looking at opportunities and acquisitions. What has made us successful in the past has been acquisitions of books of business and taking advantage of that, and not necessarily buying companies with balance sheets. So, we continue to look and see opportunities that will allow us to grow our business without having to buy someone's balance sheet. So, we feel good about the future. We feel good about the opportunities out there in the marketplace and we are pursing them.

Bijan Moazami

Thank you.

Operator

Our next question comes from Dan Schlemmer, FPK.

Dan Schlemmer - FPK

Hi. Good morning. Congratulations on a good quarter. I wanted to get a little more detail on the loss ratios, if you can. First of all, I guess was there any development in the quarter or is that just a pure accident, your ratio?

Ronald Pipoly

This is Ron. Hi, Dan. In terms of the loss ratio for our quarter, there was no development related to any prior years. And again as I think we discussed on prior conference calls that the loss ratio was going to flow-up, flow down just depending on that particular quarter. And again we are very comfortable with, where we are positioned from an actuarial perspective, in terms of where we are carrying our reserves and we continue to evaluate those reserves on a monthly basis.

Dan Schlemmer - FPK

Okay. And then in terms of the uptick, are you seeing that mostly due to pricing or is it loss trends and to the extend its loss trends. Can you comment on frequency versus severity driving there?

Ronald Pipoly

In terms of the specific component, in terms of frequency or severity I think we shied away of discussing those types of things publicly. I think in terms of workers’ comp loss ratio again, we are very confident where we are on an actuarial range. We have not seen any deterioration in any of the fundamentals with book of business. And we are very confident of the loss ratios that we present is sustainable.

Barry Zyskind

Dan, this is Barry. Just to comment. If you look at where we have been historically at this quarter's loss ratios is right in the range, and I think for the six months right around 60%. So, last quarter, we had a tick down a little bit because the [actual] year comes up a little bit, but we're still in a very healthy range compared to previous years. And like Ron mentioned, we feel very comfortable with what we are reserving, the book writing, so we feel very good about with loss ratio is at this time.

Dan Schlemmer - FPK

And just maybe to clarify one point Barry, the dip in the last quarter and the uptick in this quarter. That's not related to pricing. It's really just related to the experience in the quarter from claims experienced in the quarter. Is that fair?

Ron Pipoly

This is Ron. Yes, that is fair assumption.

Dan Schlemmer - FPK

All right. Separate question, switching gears. I want to make sure, I'm understanding the ceding commission and the 35,222 number on the quarter, which I was looking at it, as the net premium earned for AmTrust is the 115,945 with the 40/60 split it should about two-thirds of that goes to Maiden and then you bring 31% of that back through the ceding commission, which comes out to about $24 million. So, the $11 million difference there and of course the ceded premium is higher in this quarter. So, I guess if you can comment on both of those. One, what's the uptick in the cession from AmTrust? And then two, how that flows into the ceding commission?

Ron Pipoly

Hi. This is Ron, again. In terms of the differential of those components, I think the one thing that you have to consider is, this quarter we had a one-time effect of ceding commission associated with $82.2 million of the UBI on our premium acquisition. Only $63 million of that did not flow through as a component of written premium. So, I think that the disconnect in terms of doing that type of calculation and as you just discussed, the $35 million has to do with the way the one-time effect with UBI is accounted for.

Dan Schlemmer - FPK

So the $82 million from Unitrin and then what did you say $63 million was?

Barry Zyskind

$63 million of that did not flow through as a component of our gross written premium.

Dan Schlemmer - FPK

Okay.

Barry Zyskind

For the quarter just because of the nature of the acquired company, as part of the UBI transaction.

Dan Schlemmer - FPK

That still impacts the ceding commission.

Barry Zyskind

Yes, it still impacts the ceding commission, correct.

Dan Schlemmer - FPK

Okay. Great. And then last question on the interest expense, was it sort of jumps up there and I know you don't give a full liability detail on your release. Was there just an increase in debt or is there an increase in rate?

Ron Pipoly

Again this is Ron. The change in the interest rate components for the second quarter would be that, we under our reinsurance agreement with Maiden, have funds without collateralizing our obligation, unless we pay an interest rate on and that is a significant contribution to the change in interest rate for the quarter.

Dan Schlemmer - FPK

Great, thank you.

Operator

Our next question comes from Adam Klauber, FPK.

Adam Klauber - FPK

Thanks. Good morning, guys. What was the organic gross premium growth rate?

Ron Pipoly

Hi, Adam. This is Ron. It was about 30%, once you take out the effect of the $12.1 million of UBI written premium as well as the $19.3 million of the unearned premium transfer.

Adam Klauber - FPK

Okay. And was this a full quarter of Unitrin?

Barry Zyskind

No, it's only one month. This is Barry, Adam.

Adam Klauber - FPK

Okay, only month. And then just to follow-up on the UBI cession, so how much did that add to the ceded premium? What was the dollar amount?

Ron Pipoly

In terms of the ceded premium, I've said it $168.8 million on a year-to-date basis. That did not include any component of the $82.8 million. So, our total cessions, if you consider the UBI unearned premium transfers to Maiden for the year was about $251 million.

Adam Klauber - FPK

Okay. But as far as the ceding fee, how much of that was a one-time for this quarter?

Ronald Pipoly

The net effect on our expense ratio for this quarter, pre-tax, was about $3.2 million with one-time effect.

Adam Klauber - FPK

Okay. That’s what I was looking for. When Unitrin, they obviously had a much higher expense ratio, how long will it take for that to come down to your level?

Barry Zyskind

This is Barry, Adam. I think we have done a pretty good job already. When we took over the company, we hired approximately 175 people from Unitrin, as you know mentioned they had at one-point over 400 people. So, we also put it on to our systems right away. So, we feel that we have the expense ratio now in the 30, probably in the mid to high-30's and our goal is to by the end of the year to get it on the run rate if mid to lower-30's.

Adam Klauber - FPK

Okay.

Barry Zyskind

But a significant part of the expenses of the Unitrin have been taken already as soon as we close the acquisition.

Adam Klauber - FPK

Okay. So, its sound like, the overall expense ratio may go up moderately in the near-term, but perhaps it comes back down over the couple of quarters, you think that’s correct assessment?

Ron Pipoly

This is Ron. Yes, I would, that assumption is fair.

Adam Klauber - FPK

Okay. And going back to the warranty growth, which was again very strong, can you split that between new accounts versus old accounts?

Barry Zyskind

Right now, we can’t do that probably, but maybe we’ll do that in the next call.

Adam Klauber - FPK

Okay. Is there any difference in the profitability of the new business you bring on versus what you've historically written there?

Barry Zyskind

No, we are very disciplined on that. And again, because of the unique nature of the business, and where we are positioned in the market place both here and Europe, we feel very comfortable about that. And we have our guidelines which are very specifically. We have not changed them in terms of what we are looking for in margin. And that market has been very, very stable. If the market turns high, and rates don’t go up, but at the same time markets go down, softer does not get soft, what we are looking for the margins are very consistent and we’re very disciplined about that.

Adam Klauber - FPK

Okay. Thank you very much.

Operator

You have a follow-up question from Dan Schlemmer, FPK.

Dan Schlemmer - FPK

Hi. I feel like I'm in half ways in the call and hopefully you don’t mind, one more question on Unitrin. Can you just give us a general description of how things are going bringing the business over, I think it’s a $160 million of total premium and ideally you bring all of it over, but I am just curious of what you are seeing in the market, are agents shopping most of that around or are they just flipping it right over and is there any update on maybe what you expect the premium from just the Unitrin business is, to work out to be first year?

Barry Zyskind

Yes, I think, on a rolling 12 months, complete 12 months, this is Barry. We feel very comfortable around a $150 million to $175 million in that range. In terms of agents shopping the business, the agents were doing a very good job, as far as June and July look, we are doing a very good job in keeping the renewals, our going out there, getting new business, and obviously the market is competitive. But in terms of the consistency of us where Unitrin was and keeping the key relationships with the agent and keeping the underwriters and the flow, we are doing a very good job. Through the many acquisitions we've learned how to do them; we realize the importance of making things easy for the agents and making things very consistent how it was before we acquired and only trying to improve the process. So, right now all indications are the things are going very well, very smooth, and we're doing a very good job of renewing the business. And again we're energizing relationships, now that we have additional products. So, we feel very good about it right now. Our Chief Operating Officer and our Chief Technology Officer, Mike Saxon and Chris Longo have basically camped out at the Dallas operations, since we acquired it. So, we have a lot of manpower there making sure that is going well. And we feel very good about it at this point.

Dan Schlemmer - FPK

So, would it be fair to say, the propensity for an agent to shop around the Unitrin business, when they bring it over to AmTrust, you're seeing that as comparable to just their normal propensity shop around to any business, that renewal, whether your other business or any other competitors. Is that a fair statement?

Barry Zyskind

Yes, I’d say that's a fair statement.

Dan Schlemmer - FPK

Okay. And then as you bring it over from Unitrin then you are not taking significant rate changes in either direction as you bring it over, not a targeted rate impact?

Ron Pipoly

we are going to bring it over, what we feel we need to write it at the rates, so feel that is going to be profitable based on where we want to see the loss ratio, when we're targeting loss ratio, but we’re not making dramatic changes and they were a conservative book, well ran and well priced.

Dan Schlemmer - FPK

Last question. And I promise not to re-queue this time, on the tax rate. I think Ron has previously said something in the neighborhood of 27% to 29% is may be the long run and you hit about 22% tax rate this time, is there, can you explain that just on the quarter and then just any comment going forward that 27% to 29% is still about the right number. Thank you

Ron Pipoly

In terms of the 22%, as we continue to generate more revenues in our foreign operations, we'll certainly gain some tax efficiencies, but in terms of the forecast over a longer-term, again, I would still say that the mid-20’s is probably a normalized tax rate, but as things change, and acquisitions and opportunities present themselves, it kind of generates, increases revenue for our foreign operations, we may have quarters that were lower than that.

Dan Schlemmer - FPK

All right. Thank you. Congrats again on the quarter.

Barry Zyskind

Thank you.

Operator

Thank you. That concludes our questions for this time. Mr. Gross, I'll turn the call back over to you for any additional or closing remarks.

Hilly Gross

Thank you very much. That concludes our earnings conference call this morning. On behalf of Barry Zyskind and Ron Pipoly, and all of us with AmTrust Financial, we thank you for joining us, and we wish you a pleasant day. Thank you.

Barry Zyskind

Thank you.

Operator

Thank you. And that does conclude today's conference call. Thank you for your participation. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: AmTrust Financial Services Inc. Q2 2008 Earnings Call Transcript

Check out Seeking Alpha’s new Earnings Center »

This Transcript
All Transcripts