US insurer AmTrust has seen 41.4 percent growth in the third quarter of 2014, as it continued to benefit from its cut-through reinsurance agreement with ailing Tower International.
The agreement contributed approximately $68.3 million to gross written premiums (GWP) for the insurer. AmTrusts’ GWP hit $1.5 billion in the third quarter, compared with $1.1 billion in the third quarter of 2013.
Its profit hit $156.6 million in the third quarter, compared with $58.2 million in the third quarter of 2013.
AmTrusts’s combined ratio deteriorated to 91.3 percent, compared with 89.2 percent in the same period of the prior year.
Its net written premium of $1.00 billion rose $275.4 million, or 37.8 percent, from $728.8 million in the third quarter 2013.