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AmTrust on negative outlook following delayed annual report

  • Publish Date: Posted about 7 years ago

AmTrust has been put on negative outlook by Am Best following a delay in the publication of its annual report. Am Best confirmed that it has looked at the financial strength ratings and issuer credit ratings of AmTrust Group and AmTrust Title Insurance Company and decided to downgrade the company’s outlook to negative, down from the stable rating previously. The downgrade was given with a cautionary note that if the carrier's full results revealed further material changes there could be a further downgrade on the way. AmTrust postponed the filing of its annual report blaming delays in completing its consolidated financial audit and assessment of internal controls. A fourth quarter reserve charge meant that AmTrust missed its earnings forecast for the quarter causing its share price to fall.