AmTrust Financial Services, Inc. (NASDAQ:AFSI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement.
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(the Company) entered into Amendment No. 7 (the Amendment) to its
Credit Agreement dated September 12, 2014, with JPMorgan Chase
Bank, N.A., as Administrative Agent, KeyBank National Association
and SunTrust Bank, as Co-Syndication Agents, Lloyds Bank PLC and
Associated Bank, as Co-Documentation Agents, and the various
lending institutions party thereto (as amended from time to time,
the Credit Agreement).
indebtedness and liens to allow the Company’s insurance
subsidiaries to access additional liquidity through secured loan
facilities made available by such subsidiary’s membership in the
Federal Home Loan Bank system; and (2) liens to secure intercompany
loans between the Company and its subsidiaries or between the
Company’s subsidiaries, as long as the aggregate principal amount
of such secured intercompany loans does not exceed $200 million at
any time outstanding.
its wholly-owned subsidiaries, AmTrust International Insurance,
Ltd. (as Account Party), AmTrust Corporate Capital Limited, AmTrust
Corporate Member Limited, AmTrust Corporate Member Two Limited and
ANV Corporate Name Limited (as Corporate Members) entered into an
Amendment Agreement (the “FAL Amendment”) to its 515 million
credit facility agreement with ING Bank, N.V., London Branch, The
Bank of Nova Scotia, London Branch and Bank of Montreal, London
Branch.
collateral in its accounts, as opposed to holding collateral in
accounts at The Bank of Nova Scotia, as contemplated in the
original agreement. In addition, like the Amendment discussed
above, the FAL Amendment expands the restrictive covenant related
to indebtedness and liens to allow the Company’s insurance
subsidiaries to access additional liquidity through secured loan
facilities made available by such subsidiary’s membership in the
Federal Home Loan Bank system
have provided, from time to time, and may continue to provide,
investment banking, commercial banking, financial and other
services to the Company, including letters of credit, depository
and account processing services, for which the Company has paid and
intends to pay customary fees.
qualified in their entirety by reference to the full text of the
Amendment and the FAL Amendment, which are filed as Exhibits 10.1
and 10.2 to this Current Report on Form 8-K and incorporated herein
by reference.
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Item 9.01
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Exhibits.
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(d)
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Exhibits.
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Exhibit No.
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Description
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10.1
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Amendment No. 7, dated December 19, 2016, to the Credit
Agreement, dated September 12, 2014, among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, and the various lending institutions party thereto. |
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10.2
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Amendment Agreement, dated December 22, 2016, related to
the 515,000,000 Facility Agreement, dated November 3, 2016, among the Company, AmTrust Corporate Capital Limited, AmTrust Corporate Member Limited, AmTrust Corporate Member Two Limited, ANV Corporate Name Limited, AmTrust International Insurance, Ltd., ING Bank N.V., London Branch, The Bank of Nova Scotia, London Branch and Bank of Montreal, London Branch. |
About AmTrust Financial Services, Inc. (NASDAQ:AFSI)
Amtrust Financial Services, Inc. (AmTrust) is an insurance holding company. The Company, through its subsidiaries, provides specialty property and casualty insurance focusing on workers’ compensation and commercial package coverage for small business, specialty risk and extended warranty coverage, and property and casualty coverage for middle market business. Its segments include Small Commercial Business, Specialty Risk and Extended Warranty, and Specialty Program. The Small Commercial Business segment is engaged in providing workers’ compensation, commercial package and other commercial insurance lines produced by wholesale agents, retail agents and brokers in the United States. The Specialty Risk and Extended Warranty segment is engaged in providing coverage for consumer and commercial goods and custom designed coverages. The Specialty Program segment is engaged in writing commercial insurance for defined classes of insureds through general and other wholesale agents. AmTrust Financial Services, Inc. (NASDAQ:AFSI) Recent Trading Information
AmTrust Financial Services, Inc. (NASDAQ:AFSI) closed its last trading session up +0.13 at 27.69 with 368,160 shares trading hands.
