Preferred Stock Channel
AmTrust Financial Services Inc | 7.25% Non-Cumulative Preferred Stock, Series B (AFSI.PRB)

Prospectus excerpt:  We are offering 4,000,000 depositary shares, each of which represents a 1/40th interest in a share of our 7.25% Non-Cumulative Preferred Stock, Series B, $0.01 par value per share, $1,000 liquidation preference per share (equivalent to $25 per depositary share) (the ôSeries B Preferred Stockö). The depositary shares are evidenced by depository receipts. Each depositary share entitles the holder, through the depositary, to a proportional fractional interest in all rights and preferences of the Series B Preferred Stock represented thereby (including any dividend, liquidation, redemption and voting rights).

Dividends on the Series B Preferred Stock represented by the depositary shares 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 ôdividend payment dateö), commencing on September 15, 2014, at an annual rate of 7.25%. Distributions will be made in respect of the depositary shares representing the Series B Preferred Stock if and to the extent dividends are paid on the related Series B Preferred Stock.

Dividends on the Series B Preferred Stock represented by the depositary shares are not cumulative. Accordingly, in the event dividends are not declared on the Series B Preferred Stock represented by the depositary shares 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 B Preferred Stock represented by the depositary shares are declared for any future dividend period.

So long as any Series B 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 B 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 B Preferred Stock and any parity stock have been declared and paid or provided for.

The Series B Preferred Stock represented by the depositary shares is not redeemable prior to July 1, 2019. On and after that date, the Series B Preferred Stock represented by the depositary shares will be redeemable at our option, for cash, in whole or in part, at a redemption price of $1,000 per share of Series B Preferred Stock represented by the depositary shares (equivalent to $25 per depositary share), plus any declared and unpaid dividends on the shares of Series B Preferred Stock represented by the depositary shares 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 ôDescription of the Series B Preferred StockùRedemptionö in this prospectus supplement. The depositary shares representing the Series B Preferred Stock will be redeemed if and to the extent the related shares of Series B Preferred Stock are redeemed by us.

Neither the depositary shares nor the Series B Preferred Stock represented thereby have a stated maturity, nor will they be subject to any sinking fund or mandatory redemption. The Series B Preferred Stock represented by the depositary shares will not have voting rights, except as set forth under ôDescription of the Series B Preferred StockùVoting Rightsö in this prospectus supplement. A holder of depositary shares representing the Series B Preferred Stock will be entitled to direct the depositary how to vote in such circumstances. See ôDescription of the Depositary SharesùVoting Rightsö in this prospectus supplement.

Full Prospectus PDF », AFSI Page »

Series:B
Alternate symbology:AFSI-B, AFSI-PB, AFSIprB
Redeemable?:Yes
Call Date:7/1/2019 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:4,000,000
Overallotment:600,000
Liquidation Preference:$25
Original Coupon:7.25%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
CDx3 Compliance Rating: Learn AFSI.PRB'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: AFSIA, AFSIB, AFSIC, AFSIP, AFSIM, AFSIN


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

Top Ten Highest Yielding Preferred Stocks
Feel-Good Income: Socially Responsible Preferreds
Dividend Channel's 25 S.A.F.E. Dividend Stocks
Increasing Payments For Decades

Safer than S.A.F.E: Preferreds of Dividend Channel's
S.A.F.E. Dividend Stocks

Recent Preferred Stock Offerings
Preferred Stocks of Dow Components
Preferred Stocks of S&P 500 Components
Preferred Stocks By Industry
Preferred Stocks Where Insiders Are Buying The Common
High Yield Preferred Stocks
Preferreds Trading At Premiums To Liquidation Preference
Preferreds Trading At Discounts To Liquidation Preference
The Top 10 DividendRank'ed U.S. Stocks
The Top 10 DividendRank'ed Canadian Stocks
Top 25 Broker Analyst Picks of the S&P 500
Stock market game
Quotes delayed 20 minutes

Email EnvelopeFree Email Alerts:
Get Dividend Alerts
Get SEC Filing Alerts

AmTrust Financial Services Inc | 7.25% Non-Cumulative Preferred Stock, Series B (AFSI.PRB) Information Page | Preferred Stock Channel | www.PreferredStockChannel.com | Copyright © 2011 - 2024, All Rights Reserved

Nothing in Preferred Stock Channel is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy. Video widget and dividend videos powered by Market News Video. Quote data delayed at least 20 minutes; data powered by Ticker Technologies, and Mergent. Contact Preferred Stock Channel; Meet Our Editorial Staff.