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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1365555	Amtrust Financial Services Inc.	AFSI	Fire, Marine & Casualty Insurance (6331)	043106389

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1380824	Jr E Ronald Pipoly	C/O Amtrust Financial Services, Inc. 59 Maiden Lane, 6Th Floor New York NY 10038	Chief Financial Officer	No	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2012-10-17	13,200	$6.36	84,596	No	4	M	Direct
Common Stock	Disposition	2012-10-17	7,575	$24.79	77,021	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Stock Option	Disposition	2012-10-17	13,200	$0.00	13,200	$6.36

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
232,925	2007-02-09	2016-02-09	No	4	M	Direct

Footnotes

The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 16, 2011.
On August 6, 2012, AmTrust Financial Services, Inc. declared a 10% stock dividend payable on September 20, 2012 to all holders of record of common stock as of September 4, 2012. As a result, the reporting person received 6,490 shares of AmTrust Financial Services, Inc. common stock on September 20, 2012.
Shares sold to satisfy income tax withholding liabilities and payment of the option exercise price.
The price included in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.5122 to $24.9539 per share, inclusive. The reporting person undertakes to provide to AmTrust Financial Services, Inc. or any of its security holders, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 4.
Pursuant to anti-dilution provisions in AmTrust Financial Services, Inc.'s 2010 Omnibus Incentive Plan, this option was previously reported as an option for 223,750 shares of common stock at an exercise price of $7.00 per share, but was adjusted to reflect the 10% stock dividend declared by AmTrust Financial Services, Inc. on August 6, 2012 and payable on September 20, 2012.