Amtrust financial services, inc. (AFSS)
Balance Sheet / Quarterly
Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Dec'10
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost $8,636.0; and $7,408.7)

8,496

8,278

8,388

7,488

7,621

7,774

7,937

7,398

7,043

6,838

6,307

5,433

5,125

4,842

4,419

4,249

4,220

4,040

3,834

3,100

3,053

2,730

2,227

1,812

1,847

1,825

1,685

1,394

1,412

1,222

1,208

Fixed maturity securities, trading, at fair value (amortized cost $3.7; and $52.2)

3

148

100

49

32

24

54

33

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity securities, at fair value (cost $136.0; and $195.9) (1)

139

154

149

211

104

108

128

137

165

161

98

104

106

103

94

81

86

90

67

15

29

25

21

20

18

25

30

35

32

19

17

Equity securities, trading, at fair value (cost $102,342; $76,163)

-

-

-

-

81

84

100

81

34

26

29

27

19

30

30

26

22

-

-

0

-

-

-

-

-

-

-

-

-

-

-

Short-term investments

198

169

206

187

7

0

-

0

8

9

-

17

27

17

-

63

51

76

71

114

22

15

30

10

0

33

84

128

164

98

32

Equity investment in unconsolidated subsidiaries related parties

-

-

-

-

0

0

157

151

153

149

146

138

138

126

125

119

118

115

108

89

88

-

97

96

94

89

87

83

86

86

77

Other investments (related party $239.4; and $56.6)

414

441

438

212

140

139

154

152

125

129

126

106

97

45

45

39

16

14

18

25

24

24

16

11

14

15

14

14

21

22

21

Securities pledged, at fair value (amortized cost of $51,862; $0)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

104

311

-

-

-

253

-

-

-

-

-

-

-

Total investments

9,252

9,192

9,283

8,149

7,987

8,132

8,531

7,954

7,530

7,316

6,717

5,826

5,514

5,217

4,725

4,580

4,514

4,336

4,204

3,657

3,219

2,884

2,392

2,203

1,975

1,989

1,902

1,656

1,716

1,448

1,357

Cash and cash equivalents

554

668

728

763

766

891

621

567

1,133

1,127

1,023

1,003

919

869

1,029

880

546

569

539

830

485

449

450

414

557

357

277

406

320

256

192

Restricted cash and cash equivalents

439

532

408

480

879

855

615

713

557

591

359

380

257

248

217

186

172

181

143

100

112

163

115

78

46

45

59

23

-

-

17

Accrued interest and dividends

67

62

71

64

63

60

63

54

52

55

57

51

49

38

42

42

31

29

30

27

24

21

22

18

15

17

14

12

10

10

7

Premiums receivable, net (related party $195.7; and $0)

3,007

3,069

2,948

2,784

2,920

3,093

2,946

2,802

2,560

2,708

2,511

2,235

2,443

2,485

2,218

1,892

1,828

1,867

1,841

1,593

1,431

1,444

1,311

1,251

1,038

972

1,004

932

847

877

727

Reinsurance recoverable (related party $3,648.4; and $3,026.8)

6,129

6,053

6,012

6,131

6,062

5,395

4,509

4,329

4,040

3,856

3,097

3,007

2,951

2,799

2,544

2,440

2,283

2,241

2,081

1,929

1,857

1,560

1,414

1,318

1,218

1,135

1,142

1,098

1,043

1,006

775

Prepaid reinsurance premiums (related party $1,213.8; and $1,172.3)

2,292

2,304

2,213

2,137

2,181

2,168

2,119

1,994

2,018

1,924

1,633

1,531

1,684

1,583

1,473

1,302

1,259

1,219

1,133

1,011

957

928

869

754

687

654

620

584

541

507

484

Federal income tax receivable

76

69

53

73

-

-

-

110

-

-

-

-

-

-

-

-

-

-

-

-

0

3

8

-

29

18

8

13

22

2

10

Deferred policy acquisition costs

983

980

969

922

1,192

1,121

1,026

928

922

842

736

693

706

689

649

629

631

609

539

468

457

410

388

349

349

335

295

280

277

258

224

Assets held for sale

0

0

0

900

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Property and equipment, net

405

421

444

453

458

462

451

314

325

316

280

257

217

172

158

145

150

116

108

104

95

92

84

75

72

70

63

61

57

44

30

Goodwill

528

529

534

552

790

808

704

686

654

603

426

432

501

422

458

352

400

397

393

373

249

246

237

326

190

178

173

175

142

107

106

Intangible assets

326

350

367

380

538

539

546

556

429

395

361

367

362

330

303

314

324

310

299

291

345

357

307

206

226

187

195

196

150

120

91

Other assets (related party $198.4; and $271.4; recorded at fair value $1.9; and $20.8)

1,626

1,526

1,664

1,423

1,985

1,798

1,747

1,601

1,338

1,427

1,321

1,477

1,507

1,187

1,051

1,090

1,076

948

900

890

663

517

427

439

358

306

338

288

289

495

155

Total assets

25,689

25,761

25,701

25,218

25,827

25,328

23,884

22,614

21,563

21,166

18,527

17,266

17,115

16,044

14,872

13,858

13,220

12,827

12,214

11,279

9,899

9,080

8,030

7,436

6,766

6,268

6,095

5,732

5,419

5,135

4,182

LIABILITIES AND STOCKHOLDERS EQUITY
Liabilities:
Loss and loss adjustment expense reserves

12,551

12,345

12,246

12,138

12,086

11,149

10,630

10,140

9,427

9,097

7,516

7,208

6,694

6,380

5,886

5,664

5,298

5,078

4,749

4,368

3,615

3,065

2,577

2,426

2,247

2,066

1,968

1,879

1,782

1,688

1,263

Unearned premiums

5,660

5,703

5,591

5,279

5,322

5,297

5,199

4,880

4,900

4,819

4,290

4,014

4,134

3,868

3,704

3,449

3,416

3,317

3,167

2,680

2,537

2,385

2,147

1,773

1,709

1,537

1,453

1,366

1,274

1,212

1,024

Ceded reinsurance premiums payable (related party $396.0; and $402.4)

894

898

839

809

799

856

811

804

932

843

851

651

806

831

772

683

640

785

719

635

434

524

535

528

324

324

375

337

296

310

266

Reinsurance payable on paid losses

-

-

-

-

-

-

18

15

-

-

-

-

-

-

-

3

15

36

30

18

31

17

12

13

11

9

17

14

16

10

11

Funds held under reinsurance treaties

65

75

69

83

122

121

63

70

-

-

-

-

-

-

-

10

22

40

42

27

30

32

33

33

38

39

42

49

50

55

3

Note payable on collateral loan related party

168

168

168

168

167

167

167

167

-

-

-

-

-

-

-

167

167

167

167

167

167

167

167

167

167

167

167

167

167

167

167

Securities sold but not yet purchased, at fair value

33

161

111

75

56

64

61

36

-

-

-

-

-

-

-

13

18

24

21

0

0

0

56

56

57

56

54

55

55

0

8

Securities sold under agreements to repurchase

233

214

-

0

0

31

293

160

-

-

-

-

-

-

-

0

0

0

94

293

204

205

135

234

226

231

200

191

343

211

347

Liabilities held for sale

0

0

0

761

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred gain on retroactive reinsurance

311

317

324

330

337

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

205

271

250

274

168

188

209

244

173

131

138

118

85

67

9

Debt (net of debt issuance cost of $14.9, and $15.0)

1,325

1,315

1,292

1,288

1,287

1,284

1,306

1,234

1,235

1,229

993

993

993

914

580

745

592

561

560

560

559

309

302

301

301

298

302

279

-

-

144

Accrued expenses and other liabilities (related party $74.9; and $0; recorded at fair value $28.7; and $78.6)

987

959

1,126

913

1,950

2,455

1,817

1,635

1,586

1,968

1,750

1,497

1,856

1,526

1,439

1,005

698

678

689

672

642

758

572

406

353

333

337

311

263

296

193

Revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

33

98

-

Secured term loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10

10

-

Non-interest bearing note payable - net of unamortized discount of $221; $600

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7

7

-

Junior subordinated debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

123

123

-

Total liabilities

22,230

22,160

21,768

21,848

22,131

21,430

20,370

19,147

18,082

17,958

15,401

14,364

14,484

13,557

12,383

11,786

11,075

10,962

10,493

9,699

8,392

7,653

6,749

6,188

5,609

5,196

5,058

4,772

4,511

4,261

3,441

Commitments and contingencies

0

0

0

0

0

0

0

0

0

0

-

0

-

-

-

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Redeemable non-controlling interest

0

0

0

1

1

1

1

1

1

0

1

1

1

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

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

2

2

2

2

2

1

1

1

1

1

1

1

1

1

1

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

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

913

913

913

913

913

913

913

913

626

626

482

482

482

482

300

300

115

115

115

115

115

0

0

0

0

0

0

0

0

0

Additional paid-in capital

1,627

1,622

1,640

1,639

1,633

1,625

1,386

1,384

1,376

1,380

1,381

1,383

1,121

1,117

1,116

1,021

1,031

1,031

1,031

1,033

1,029

760

762

761

756

595

585

582

556

554

548

Treasury stock at cost; 13.1 and 14.7 shares in 2018 and 2017, respectively

215

218

240

242

242

243

306

310

311

262

177

162

-218

222

225

297

315

283

277

284

286

289

292

293

296

297

298

300

300

300

300

Accumulated other comprehensive (loss) income, net of tax

-212

-150

-49

15

42

-4

-97

-125

-46

-29

-97

-133

-58

-19

10

60

69

85

32

-8

-8

-26

36

64

49

14

22

-9

-2

16

-0

Retained earnings

1,289

1,373

1,490

860

1,163

1,370

1,398

1,405

1,362

1,311

1,209

1,152

1,124

963

938

825

902

760

678

584

538

756

666

611

563

685

651

617

583

553

467

Total AmTrust Financial Services, Inc. equity

3,404

3,543

3,757

3,189

3,513

3,663

3,296

3,269

3,297

3,026

2,944

2,723

2,453

2,323

2,325

1,912

1,989

1,710

1,580

1,441

1,388

1,317

1,174

1,144

1,074

999

962

890

837

825

716

Non-controlling interest

54

57

175

178

181

232

215

196

183

181

180

176

176

162

162

159

154

153

139

137

117

108

104

103

81

72

74

69

69

47

23

Total stockholders equity

3,459

3,601

3,932

3,368

3,694

3,896

3,512

3,465

3,480

3,207

3,124

2,900

2,630

2,486

2,487

2,071

2,143

1,864

1,720

1,578

1,506

1,426

1,279

1,247

1,156

1,071

1,036

959

907

873

740

Total liabilities and stockholders' equity

25,689

25,761

25,701

25,218

25,827

25,328

23,884

22,614

21,563

21,166

18,527

17,266

17,115

16,044

14,872

13,858

13,220

12,827

12,214

11,279

9,899

9,080

8,030

7,436

6,766

6,268

6,095

5,732

5,419

5,135

4,182