AmTrust profit up 38% on acquisitions
US and European specialty insurance group AmTrust reported a 38 percent rise in annual net income to $142.5mn for 2010, with acquisitions helping boost net earned premiums by 30 percent to $745.7mn.
The firm also lifted its top line by 30 percent through 2010, writing gross premium of $1.6bn.
However, it ceded nearly 22 percent more premium to its Bermudian parent Maiden Holdings - pushing through $463mn of gross written premium compared to $379.7mn in 2009.
The firm's underwriting performance...
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