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 ˘Series B Preferred Stock÷). 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 ˘dividend payment date÷), 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 ˘Description of the Series B Preferred Stock¨Redemption÷ 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 ˘Description of the Series B Preferred Stock¨Voting Rights÷ 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 ˘Description of the Depositary Shares¨Voting Rights÷ 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
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


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Name:  AmTrust Financial Services Inc
Website:  www.amtrustgroup.com
Sector:  Insurance Brokers

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