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AmTrust closes depositary share offering

AmTrustFinancial Services Inc. closed its underwritten of 11.5 milliondepositary shares for gross proceeds of $287.5 million.

Each depositary share represents a 0.025 interest in each ofthe company's 6.95% series F noncumulative preferred shares. The offeringincluded 1.5 million additional depositary shares sold under the overallotmentoption granted to the underwriters, which was in full.

Total net proceeds of the offering will be around $278.2million. AmTrust anticipates to use the net proceeds of the offering forgeneral corporate purposes, which may include contributions to its statutorycapital of its insurance subsidiaries to support its growth, capitalexpenditures, stock repurchases, strategic acquisitions and/or other businessopportunities.

The company has filed an application to list the depositaryshares for trading on the NYSE under the symbol AFSI PR F. Trading of thedepositary shares on the NYSE is expected to start within the 30-day periodfrom the closing of the offering.