Common Contracts

AmTrust Financial Services, Inc. 3,200,000 Depositary Shares Each Representing 1/40th Interest in a Share of 7.625% Non-Cumulative Preferred Stock, Series C UNDERWRITING AGREEMENT

Underwriting Agreement • September 16th, 2014 • Amtrust Financial Services, Inc. • Fire, marine & casualty insurance • New York

• Contract Type
  Underwriting Agreement
• Filed
  September 16th, 2014
• Company
  Amtrust Financial Services, Inc.
• Industry
  Fire, marine & casualty insurance
• Jurisdiction
  New York

This material is for your information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of these securities. The issuer has filed a registration statement, including a prospectus, with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Morgan Stanley & Co. LLC at 1-866-718-1649 or UBS Securities LLC at 877-827-6444 (ext. 561-3884).

AmTrust Financial Services, Inc. 4,000,000 Depositary Shares Each Representing 1/40th Interest in a Share of UNDERWRITING AGREEMENT

Underwriting Agreement • July 1st, 2014 • Amtrust Financial Services, Inc. • Fire, marine & casualty insurance • New York

• Contract Type
  Underwriting Agreement
• Filed
  July 1st, 2014
• Company
  Amtrust Financial Services, Inc.
• Industry
  Fire, marine & casualty insurance
• Jurisdiction
  New York

AmTrust Financial Services, Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the several underwriters named in Schedule II hereto (the “Underwriters”), for whom you are acting as managers (the “Managers”), 4,000,000 of its Depositary Shares (the “Firm Shares”), each representing 1/40th of a share of the Company’s 7.25% Non-Cumulative Preferred Stock, Series B, par value $0.01 per share, liquidation preference of $1,000 per share (equivalent to $25 per depositary share) (the “Underlying Preferred Shares”). The Underlying Preferred Shares, when issued, will be deposited against delivery of Depositary Receipts (the “Depositary Receipts”) evidencing the Securities that are to be issued by American Stock Transfer & Trust Company, LLC as depositary (the “Depositary”) under the Deposit Agreement, dated July 1, 2014, by and among the Company, the Depositary and the holders from time to time of the Depositary Receipts issued thereunder, as supplemented from time to ti