AmTrust to Buy Sagicor Europe Limited for £56M

AmTrust Financial Services, Inc.

("the Company") announced today that one of its wholly-owned subsidiaries has entered into an agreement to acquire Sagicor Europe Limited and its wholly-owned subsidiaries (SEL), including Sagicor at Lloyd's Limited, from Sagicor Financial Corporation for approximately £56 million, which is £15 million above SEL's net asset value as of December 31, 2012. The Company expects to fund the purchase using existing working capital. Sagicor of Lloyd's Limited, is a managing agency and owner of Lloyd's property/casualty insurance syndicate 1206 with stamp capacity of £200 million and Lloyd's life insurance syndicate 44 with stamp capacity of £7 million. In addition, SEL includes a Cayman Islands domiciled reinsurance entity. The transaction is expected to close in the fourth quarter of 2013, pending regulatory and other necessary approvals.