AmTrust Announces Underwriters' Exercise of Over-Allotment Option in Connection With Previously Closed Offering of Depositary Shares Representing Interests in Preferred Stock

NEW YORK, March 24, 2015 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq: AFSI) (the "Company" or "AmTrust") today announced that the underwriters of its recently closed public offering of its depositary shares (the "Depositary Shares"), each representing a 1/40th interest in a share of its 7.50% Non-Cumulative Preferred Stock, Series D, have exercised in part their over-allotment option with respect to 700,000 of its Depositary Shares, at a public offering price of $25.00 per Depositary Share. The closing of the sale of the over-allotment shares to the underwriters was completed today. The underwriters retain an option, expiring April 11, 2015, to purchase up to an additional 290,000 Depositary Shares, excluding the over-allotment shares purchased today, from the Company on the same terms and conditions.

Assuming the underwriters do not exercise the remainder of their over-allotment option, AmTrust received aggregate net proceeds from the offering (including the previously-announced proceeds from the initial closing on March 19, 2015 and the additional proceeds from this exercise of the over-allotment option) of approximately $176.5 million, after deducting the underwriting discount and estimated offering expenses payable by AmTrust. The Company expects to use the aggregate net proceeds of the offering for general corporate purposes, which may include working capital, capital expenditures and/or strategic acquisitions.

Trading of the Depositary Shares commenced on March 20, 2015 on the New York Stock Exchange under the symbol "AFSI PR D."

This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering of the Depositary Shares was made only by means of a prospectus supplement and accompanying base prospectus. You may obtain a copy of the prospectus supplement and accompanying prospectus for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the underwriters may arrange to send you these documents if you request them by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, NY 10014, or by email at [email protected]; from UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Specialist, (877) 827-7275; or from Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019, Attn: Capital Markets, (800) 966-1559.

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" by A.M. Best.

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 amounts, timing and prices of any share repurchases made by us under our share repurchase program, the effect of the performance of financial markets on our investment portfolio, our estimates of the fair value of our life settlement contracts, 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., ACP Re, Ltd. or third party agencies and warranty administrators, difficulties with technology or breaches in data security, 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

CONTACT: For more information, please contact:
         AmTrust Financial Services, Inc.
         Investor Relations
         Elizabeth Malone CFA
         [email protected]
         646.458.7924

Source: AmTrust Financial Services, Inc.

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