Amtrust Financial Services, Inc.
CIK:0001365555|SEC Filings
Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
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|---|---|---|---|---|
| Investments: | ||||
| Fixed maturity securities, available-for-sale, at fair value (amortized cost $8,636.0; and $7,408.7) | $ 8,496.7 | $ 7,488.3 | ||
| Fixed maturity securities, trading, at fair value (amortized cost $3.7; and $52.2) | 3.2 | 49.8 | ||
| Equity securities, at fair value (cost $123.2; and $195.9) | [1] | 139.3 | 211.7 | |
| Short-term investments | 198.0 | 187.8 | ||
| Other investments (related party $239.4; and $56.6) | 414.9 | 212.0 | ||
| Total investments | 9,252.1 | 8,149.6 | ||
| Cash and cash equivalents | 554.9 | 763.1 | ||
| Restricted cash and cash equivalents | 439.0 | 480.1 | ||
| Accrued interest and dividends | 67.2 | 64.4 | ||
| Premiums receivable, net (related party $195.7; and $0) | 3,007.2 | 2,784.8 | ||
| Reinsurance recoverable (related party $3,648.4; and $3,026.8) | 6,129.7 | 6,131.4 | ||
| Prepaid reinsurance premiums (related party $1,213.8; and $1,172.3) | 2,292.6 | 2,137.3 | ||
| Federal income tax receivable | 76.8 | 73.9 | ||
| Deferred policy acquisition costs | 983.6 | 922.9 | ||
| Assets held for sale | 0.0 | 900.9 | ||
| Property and equipment, net | 405.9 | 453.4 | ||
| Goodwill | 528.4 | 552.9 | ||
| Intangible assets | 326.1 | 380.8 | ||
| Other assets (related party $198.4; and $271.4; recorded at fair value $1.9; and $20.8) | 1,626.4 | 1,423.1 | ||
| Total assets | 25,689.9 | 25,218.6 | ||
| Liabilities: | ||||
| Loss and loss adjustment expense reserves | 12,551.2 | 12,138.8 | ||
| Unearned premiums | 5,660.8 | 5,279.2 | ||
| Ceded reinsurance premiums payable (related party $396.0; and $402.4) | 894.8 | 809.6 | ||
| Funds held under reinsurance treaties | 65.1 | 83.6 | ||
| Note payable on collateral loan – related party | 168.0 | 168.0 | ||
| Securities sold but not yet purchased, at fair value | 33.1 | 75.5 | ||
| Securities sold under agreements to repurchase | 233.8 | 0.0 | ||
| Liabilities held for sale | 0.0 | 761.7 | ||
| Deferred gain on retroactive reinsurance | 311.3 | 330.0 | ||
| Debt (net of debt issuance cost of $14.9, and $15.0) | 1,325.0 | 1,288.7 | ||
| Accrued expenses and other liabilities (related party $74.9; and $0; recorded at fair value $28.7; and $78.6) | 987.6 | 913.5 | ||
| Total liabilities | 22,230.7 | 21,848.6 | ||
| Commitments and contingencies | ||||
| Redeemable non-controlling interest | 0.0 | 1.9 | ||
| Stockholders’ equity: | ||||
| Common stock, $0.01 par value; 500.0 shares authorized; 210.8 issued in 2018 and 2017; 197.7 and 196.1 outstanding in 2018 and 2017, respectively | 2.1 | 2.1 | ||
| Preferred stock, $0.01 par value; 10.0 shares authorized; 5.4 issued and outstanding in 2018 and 2017; $913.7 aggregated liquidation preference in 2018 and 2017 | 913.7 | 913.7 | ||
| Additional paid-in capital | 1,627.7 | 1,639.6 | ||
| Treasury stock at cost; 13.1 and 14.7 shares in 2018 and 2017, respectively | (215.9) | (242.1) | ||
| Accumulated other comprehensive (loss) income, net of tax | (212.4) | 15.5 | ||
| Retained earnings | 1,289.3 | 860.9 | ||
| Total AmTrust Financial Services, Inc. equity | 3,404.5 | 3,189.7 | ||
| Non-controlling interest | 54.7 | 178.4 | ||
| Total stockholders’ equity | 3,459.2 | 3,368.1 | ||
| Total liabilities and stockholders' equity | $ 25,689.9 | $ 25,218.6 | ||
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