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AmTrust enters quota share agreement with Swiss Re on $2.9B commercial biz

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AmTrust enters quota share agreement with Swiss Re on $2.9B commercial biz

AmTrust Financial Services Inc. has entered into a new quota share agreement with Swiss Re AG on its U.S. small commercial business for 2019, which totals about $2.9 billion in projected written premiums.

Swiss Re is projected to assume about $1.05 billion on an in-force, new and renewal basis.

The agreement started Jan. 1 and renews annually. It covers workers' compensation and liability business, including general, excess and surplus, umbrella and professional lines.

AmTrust is terminating its existing arrangement with Maiden Reinsurance Services LLC with respect to the business related to this quota share agreement on a cutoff basis. It will also cede the unearned premium of the subject business, as of Dec. 31, 2018, to Swiss Re.

The company will still partner with Maiden Re on other existing lines; it expects to cede Maiden Re less than $500 million of written premium in 2019.

TigerRisk and JLT Re were reinsurance intermediaries for the transaction.