NEW YORK (AP) — Insurer AmTrust Financial Services Inc. on Tuesday said its third-quarter profit fell 11 percent as it paid out more claims and expenses rose.
The New York-based company, which sells property and casualty coverage along with worker compensation policies and other specialty products, said its net income for the three months ended Sept. 30 fell to $35.1 million, or 57 cents per share. That was down from $39.3 million, or 64 cents per share, in the same quarter last year.
Analysts, on average, were expecting profit of 60 cents per share, according to FactSet.
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