AmTrust’s acquisition of Luxembourg captives has been reviewed by the US Securities and Exchange Commission (SEC) in an investigation that began in 2013.
According to the AmTrust, it has been responding to the SEC’s investigation since June 2013.
Alongside the captive acquisition assessment, the investigation saw a review of the company’s investment in life settlement contracts and certain accounting practices, including accounting for loss and loss adjustment expense reserve estimates for their major business lines and segments, internal controls and other related matters.
AmTrust is a multinational insurer that specialises in property and casualty insurance through its primary insurance subsidiaries. It is rated (A) Excellent by A.M. Best.
The company said it has been responsive to the ongoing inquiry and will continue to cooperate to any governmental or regulatory inquiries or investigations.
According to a statement by AmTrust: “The company cannot predict the eventual scope, duration or outcome of such inquiry or whether it could have a material impact on the company’s financial condition, results of operations or cash flow.”
