AmTrust profits soar 59%

US insurer AmTrust posted formidable results for 2014, as it benefitted from a hike in profits and gross written premiums.

Its profits soared to $446.6 million in the year ended December 31, 2014, an increase of 59 percent compared with $280.6 million in 2013.

The company’s gross written premium hit $6.1 billion, up 47.9 percent, and net earned premium hit $3.5 billion, up 55.6 percent over 2013. AmTrust said that the renewal rights agreement with Tower International contributed approximately $608.5 million to gross written premiums and included approximately $475 million from the cut-through reinsurance agreement.

Its combined ratio remained stable at 90.7 percent for the year, compared with 90.5 percent in 2013.

Overall, total revenue rose $4.1 billion in 2014, an increase of $1.4 billion or 51.4 percent, compared with $2.7 billion in 2013.