NEW YORK, March 23, 2017 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq: AFSI ) (the “Company” or “AmTrust”) today announced that, as anticipated, it has received notifications from the Nasdaq Stock Market (“Nasdaq”) and New York Stock Exchange (“NYSE”) informing AmTrust that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) and NYSE’s Rule 802.01E of the NYSE Listed Company Manual with respect to the Company’s common stock and Non-Cumulative Preferred Stock Series A-F, respectively, as a result of AmTrust’s delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the “Form 10-K”). Such notices are routinely issued by Nasdaq and the NYSE in situations when there are late filings with the Securities and Exchange Commission.
The Nasdaq and NYSE notices have no immediate impact on the listing of AmTrust’s common stock on the Nasdaq or on the listing of AmTrust’s Non-Cumulative Preferred Stock Series A-F on the NYSE.
Under Nasdaq rules, AmTrust has until May 16, 2017 to file its Form 10-K or submit a plan to Nasdaq to regain compliance with its reporting obligations. If AmTrust is unable to file its Form 10-K prior to May 16, 2017, the Company intends to submit a compliance plan on or prior to that date.
Under NYSE rules, the Company has up to six months from March 16, 2017 to file its Form 10-K to regain compliance. If AmTrust is unable to file its Form 10-K prior to such date, the NYSE may grant, in its sole discretion, an additional six-month extension, depending on the specific circumstances.
On March 16, 2017, AmTrust announced that its Form 10-K would be delayed and that it intends to file the Form 10-K as soon as practicable. The Company intends to take all necessary steps to achieve compliance with the continued listing requirements of Nasdaq and the NYSE.
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 , or call AmTrust toll-free at (855) 327-2223.
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 anticipated timing of filings of restated financials and periodic SEC filings and submissions to the national securities exchanges, 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, 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, the impact of known or potential errors or misstatements in our financial statements, our ability to timely and effectively remediate the material weaknesses in our internal control over financial reporting and implement effective internal control over financial reporting and disclosure controls and procedures in the future, our ability to regain compliance with Nasdaq and NYSE continued listing standards and rules, 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, heightened competition, changes in pricing environments, and changes in asset valuations. 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 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.
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CONTACT: AmTrust Financial Services, Inc. Chief Communications Officer & SVP Corporate Affairs Chaya Cooperberg chaya.cooperberg@amtrustgroup.com (646) 458-3332
