Monday 25 August 2014

Warrantech Announces the “Best of the Best" for 2014

Warrantech Consumer Product Services, a subsidiary of Warrantech Corporation, today announced that 11 companies are recipients of the company’s Best of the Best award. The prestigious awards were presented by Joel San Antonio, CEO of Warrantech Corporation and Sean Hicks, the Master of Ceremonies for the event.

In an academy awards-style ceremony held at the Mandalay Bay Hotel in Las Vegas, the winners were recognized for their outstanding work in service contract sales and repair service. The 2008 “Best of the Best” award recipients – listed with their category are:
Dealer of the Year - BrandsMart U.S.A.
Regional Dealer of the Year - Karl’s TV Audio Appliances Furniture
Online Dealer of the Year - Venue
Appliance Dealer of the Year - ApplianceSmart Factory Outlet
Electronics Dealer of the Year - Jetson Appliance & Electronics Experts
Electronics Servicer of the Year - DTR-Denver
Buying Group of the Year - MARTA USA
Repairmaster Distributor of the Year - Gotham Sales
Self Servicing Dealer of the Year - BrandsMart U.S.A.
Appliance Servicer of the Year - Jetson Appliance & Electronics Experts
Outstanding Partner of the Year - AmTrust Financial Group
“I am pleased to congratulate the 11 outstanding dealers and service companies that have been recognized this year,” said San Antonio. “These companies exemplify professionalism, top performance and world-class dedication to the sale of service contracts while excelling at providing service to their customers. All too often hard work goes unnoticed, and we felt the time had come to give these dealers the recognition they so richly deserve.”

The Best of the Best Awards is an annual event that measures how well companies implement plans to improve customer service through extended service contracts and warranties in a variety of consumer electronic and appliance product categories.

The 2008 Best of the Best recipients were selected from a field of over 1,000 companies. Through careful evaluation by a panel of experts from Warrantech’s senior management team, each company was chosen based on several criteria including sales increases, penetration rate by product category, customer service scores, and cost control. “While our eye-candy theme made for a light-hearted, enjoyable party, we had a serious reason for hosting this event,” noted Hicks. “These dealers and servicers deserve recognition for the creative solutions they have implemented during 2008 in order to successfully deal with an extremely challenging business climate.”

“Being named Dealer of the Year is an honor,” noted Lary Sinewitz, executive vice president of BrandsMart USA. “In the past, quantifying the effectiveness of enhancing customer service through service contracts and extended warranty programs was problematic – especially in the face of stiff competition and high performance standards. Now, Warrantech is raising the bar with an innovative new program that acknowledges the achievements of successful companies. Everyone at BrandsMart worked especially hard this past year, and we appreciate being recognized for our accomplishments.”

Robert L.Thompson, managing director and general manager of MARTA Cooperative of America said, “What a sweet way to end a tough year. Winning Warrantech’s Best of the Best Award for Buying Group of the Year helps make us redouble our efforts to continue creating new ways to serve our customers, while enhancing our bottom line. Warrantech’s Best of the Best Award is just the incentive we need going into 2009.”

The achievements and number of award winners is impressive,” said San Antonio. “We recognize and congratulate all of the Best of the Best Awards recipients for their hard work and dedication to the industry as we look forward to expanding this popular program in the coming year.”

About Warrantech:

Warrantech Corporation administers and markets service contracts and after-market warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, homes, computer and computer peripherals for retailers, distributors and manufacturers.  Acquired by H.I.G. Capital in 2007, the company continues to expand its domestic and global penetration, and now provides its services in the United States and Canada.For more information about Warrantech free visit here:-http://www.indeed.com/cmp/Warrantech-Corporation

Friday 8 August 2014

AmTrust Reports Strong Profit Growth For Second Quarter 2014

This marks the fifth quarter in which the company has generated more than $1 billion in gross written premium ($1.44 billion GWP this quarter, an increase of $403 million, or 38.7%, from $1.04 billion in the second quarter of 2013). Small Commercial Business contributed 49% of total company GWP and grew by 170% from 2013 to 2014, while lowering the expense ratio by .2 points. This is quite the impressive performance from both organic and acquired growth as well as cost containment.

On a profitability basis, the company is running at a loss ratio of about 67% and an expense ratio just under 24%. Precisely, AFSI’s Q2 combined ratio was 90.9%, which is an improvement upon the Q2 2013 combined ratio of 92.1%. The majority of that profit improvement came from disciplined underwriting and associated reduction in loss ratio in both Small Commercial Business and, particularly, Specialty Risk & Extended Warranty.

Lastly, the company booked $99.5 million in service and fee income in Q2, up 13% from the same time period last year (and up 28.2% year to date 2014 vs. 2013). Most of that income was contributed by AMT Warranty/Warrantech, AMT Consumer Services, CNH Capital and Car Care Plan (overseas VSC operation).

Second Quarter 2014 Financial Highlights

Gross written premium of $1.44 billion, up 38.7%, and net earned premium of $874.9 million, up 63.1% from the second quarter 2013

Operating diluted EPS of $1.34 ($0.03 attributable to loss on life settlements) compared to $0.75 ($0.01 attributable to gain on life settlements) in the second quarter 2013

 Annualized operating return on common equity of 28.0% and annualized return on common equity of 27.8%

Service and fee income of $99.5 million, up 13.0% from the second quarter 2013

Operating earnings of $107.1 million compared to $57.4 million from the second quarter 2013
     
 Net income attributable to common stockholders of $106.3 million compared to $71.4 million in the second quarter 2013

Diluted EPS of $1.33 compared with $0.93 in the second quarter 2013

Combined ratio of 90.9% compared to 92.1% in the second quarter 201

Service and fee income of $190.5 million, up 28.2% from YTD 2013

AmTrust’s stockholders’ equity was $1.71 billion as of June 30, 2014

For more information about Warrantech free visit here:-https://www.linkedin.com/company/warrantech