Preferred Stock Channel
AmTrust Financial Services Inc | 6.75% Non-Cumulative Preferred Stock, Series A (AFSI.PRA)

Prospectus excerpt:  We are offering 4,600,000 shares of our 6.75% Non-Cumulative Preferred Stock, Series A, $25 liquidation preference per share (the śśSeries A Preferred Stock∆∆).

Dividends on the Series A Preferred Stock when, as and if declared by our Board of Directors or a duly authorized committee of the Board will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the 15th day of March, June, September and December of each year (each, a śśdividend payment date∆∆), commencing on September 15, 2013, at an annual rate of 6.75%.

Dividends on the Series A Preferred Stock are not cumulative. Accordingly, in the event dividends are not declared on the Series A Preferred Stock for payment on any dividend payment date, then those dividends will not accumulate and will not be payable. If we have not declared a dividend before the dividend payment date for any dividend period, we will have no obligation to pay dividends for that dividend period, whether or not dividends on the Series A Preferred Stock are declared for any future dividend period.

So long as any Series A Preferred Stock remain outstanding, no dividend shall be paid or declared on our common stock or any of our other securities ranking junior to the Series A Preferred Stock (other than a dividend payable solely in common stock or in such other junior securities), unless the full dividends for the latest completed dividend period on all outstanding Series A Preferred Stock and any parity stock have been declared and paid or provided for.

The Series A Preferred Stock is not redeemable prior to June 10, 2018. On and after that date, the Series A Preferred Stock will be redeemable at our option, for cash, in whole or in part, at a redemption price of $25 per share of Series A Preferred Stock, plus any declared and unpaid dividends on the shares of Series A Preferred Stock called for redemption for prior dividend periods, if any, plus accrued but unpaid dividends (whether or not declared) thereon for the then-current dividend period, to, but excluding, the date of redemption, without accumulation of any other undeclared dividends. See śśDescription of the Series A Preferred StockýRedemption∆∆ in this prospectus supplement.

Full Prospectus PDF », AFSI Page »

Series:A
Alternate symbology:AFSI-A, AFSI-PA, AFSIprA
Redeemable?:Yes
Call Date:6/10/2018 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:4,600,000
Overallotment:690,000
Liquidation Preference:$25
Original Coupon:6.75%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
CDx3 Compliance Rating: Learn AFSI.PRA's Rating
AmTrust Financial Services, through its subsidiaries, underwrites and provides property and casualty insurance products to several customer groups that are underserved within the insurance market. Co. operating segments are: Small Commercial Business, which provides workers' compensation insurance; Specialty Risk and Extended Warranty, which provides custom designed coverages, such as accidental damage plans, mechanical breakdown protection and payment protection plans; and Specialty Program, which provides workers' compensation, general liability, commercial auto liability, property coverage, excess and surplus lines programs and other specialty commercial property and casualty insurance.

Preferreds: AFSI.PRA, AFSI.PRB, AFSI.PRD, AFSI.PRC, AFSI.PRE, AFSI.PRF


Open the AFSI Information Page »
Name:  AmTrust Financial Services Inc
Website:  www.amtrustgroup.com
Sector:  Insurance Brokers

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