AmTrust downgraded by long-time supporter FBR

AmTrust Financial lost the support of FBR Capital analyst Randy
Binner, who cut his rating on the company's shares to neutral
from buy, citing the threat of further adverse reserve development
and its impact on book value growth.
FBR has for years given a buy rating to the shares, which
dropped as much as 5.5 percent on the move today.
"Adverse reserve development remains the central
challenge" for the company, Binner said in a note released
early today, though he...