NEW YORK (AP) — Insurer AmTrust Financial Services Inc. on Tuesday said its third-quarter profit fell 11 percent as it paid out more claims and expenses rose.
The New York-based company, which sells property and casualty coverage along with worker compensation policies and other specialty products, said its net income for the three months ended Sept. 30 fell to $35.1 million, or 57 cents per share. That was down from $39.3 million, or 64 cents per share, in the same quarter last year.
Analysts, on average, were expecting profit of 60 cents per share, according to FactSet.
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Total revenue rose 38 percent to $373.4 million, from $269.6 million last year. Net written premiums — the amount of premiums collected minus commissions and reinsurance costs — jumped 76 percent to $321.9 million.
Loss and loss adjustment expenses jumped 54 percent to $185.4 million. Acquisition costs and other underwriting expenses rose 38 percent to $113.3 million.
AmTrust reported a combined ratio of 89.3 percent, compared with 86.3 percent in the third quarter 2010. Combined ratio is the sum of an insurance company's loss ratio and expense ratio and is used as an indicator of profitability. A ratio above 100 means that for every premium dollar taken in, more than a dollar went for losses, expenses, and commissions. A figure below 100 indicates an underwriting profit.
In morning trading, AmTrust shares fell 50 cents, or 2 percent, to $24.88. The stock has changed hands between $15.01 and $26.24 in the past 52 weeks.
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