SUBJECT TO COMPLETION PRELIMINARY PRO.SPE.CTU$ SUPPLEMENT DATED MARCH S. 2016 PROSPECTUS SUPPLEMENT to (To Prospectus dated June II, 2015) O C . E 23 Depositary Shares w 2-: z E k . ...., . N o = O. = c 5 . C. 03 vs 7, , a Ca r) AmTrust ..... =. E FINANCIAL AmTrust Financial Services, Inc. o E Depositary Shares, Each Representing .1140w of a Share of % Non-Cumulative Preferred Stock, Series E C oi = We are offering depusitace shares. each of which represents a 1110th interns in a share of our '4 Non-Cum Preferred en .° "--• e Stock. Series E. $0.01 par cable per share. $1.000 liquidation preference per share (equivalent to $25 per depositary share) (the = -El "Series E Preferred Stork"). The depositary shares am trident's, by depository receipts. Earle depositary share entitles the holder. to co through the depositary, to a proportional fractional interest in all rights and preferences of the Series E Preferred Stock represented o 'L a' thereby (including any diridend, liquidation. redemption I rating rights). .a ''• = Dividends on she Series E Preferred Stock represented by die depositary shares when. as and if declared by one Board of Directors or a duly a. co co = authorized c aaaaaaaa ittee of the Board will accrue tttttt be payable on the liquidation preference on a oats.. Wire basis. quarterly in armors on Me /5th day of March. Jane. .Sepsember cord December of each year (each. a "dividend pay,. ttttt s dale.), commencing on June 1S. a a 2016. at an anginal rate of 'lc. Distributions will be made in respect of the depositary shares representing the Series E Preferred Stock if and = = co = r to the extent dividends me paid on the related Series E Preferred Stork. as 5 Dividends on the Series E Preferred Stock represensed by the depositary shares are not rumidosire. Accordingly. in the rant diridends :62 are not declared on the Series E Preferred Stock represented by the depositary shares