Jan. 2 (Bloomberg) — AmTrust Financial Services Inc. jumped in New York trading after the carrier's board approved the repurchase of as much as $150 million in shares following a stock slump last month.
The insurer rose 4.2 percent to $34.06 at 9:54 a.m.
The buyback plan is the company's first since 2007 as Chief Executive Officer Barry Zyskind seeks to regain Wall Street's confidence. AmTrust lost 22 percent in December after GeoInvesting, a website that provides research to subscribers, challenged the New York-based company's accounting tied to its investment portfolio and insurance liabilities.
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