AmTrust Financial Services has reported total revenues of $203.6m for the first quarter of 2010, an increase of 18% compared to $172.2m for the same quarter in 2009.
Operating income for the first quarter of 2010 were $30.7m compared to $30.2m for the same period last year.
The company’s gross premiums written for the quarter were $338.2m compared to $267.5m, an increase of 26.4% for the same quarter in 2009, while net premiums written were$ 189.4m compared to $136.1m.
Net premiums earned were $148.1m for the first quarter of 2010, an increase of 11.8% compared to $132.4m for the same period last year.
For the first quarter ended March 31, 2010, the company posted a net income of $31.9m, or $0.51 per share compared to $24.1m, or $0.50 per share, for the same quarter in 2009.
Barry Zyskind, CEO of AmTrust Financial, said: “These results demonstrate our continued commitment to sound underwriting and enhanced efficiency and further highlight the strength of our diversified model.Our strategic partnership with ACAC has just begun to provide additional momentum and I have great confidence in our ability to continue to deliver strong returns for our shareholders.”