Exhibit (c)(4)

Deutsche Bank Corporate & Investment Bank Preliminary peer selection analysis January 29, 2018 Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States.

Selection of peer set for AmTrust benchmarking – Given AmTrust’s unique mix of business and recent public stress, there is no direct peer set for benchmarking and valuation purposes – We have reviewed company materials (Company 10-K and proxy filings, ratings agency presentations and investor presentations) for self-identified peers – We have also reviewed AmTrust research for indicated peer groups, though only three analysts provide a specific peer set for AmTrust – As part of the assessment of comparability, we compare relative size (market cap and premium volume), business mix (% commercial and % workers compensation) and trading activity (average trading daily volume (“ADTV”) and research coverage) – The result is a preliminary list of 13 peers that best reflect this selection criteria Deutsche Bank Corporate & Investment Bank 1

Peer selection process overview Full list of disclosed AmTrust peer groups, including those from company presentations, company-specific research and non-company specific industry reports of AmTrust’s analyst coverage universe (39 companies) Include only companies from company presentations and company-specific research (28 companies) Include only companies that meet list of criteria(a) (13 companies) Deutsche Bank Corporate & Investment Bank a) See page 8 for criteria. Source: SNL Financial 2

Size benchmarking Market cap ($bn) $15.5 $14.8 $9.9 $8.7 $5.0 $4.9 $3.5 $3.0 $2.0 $1.9 $1.4 $1.4 $1.2 $1.1 MKL CNA AFG WRB AIZ THG SIGI PRA AFSI AGII NAVG EIG AMSF JRVR GAAP net written premium ($bn) (Q3 2017 LTM) $7.0 $6.3 $5.0 $4.9 $4.7 $4.4 $4.3 $2.3 $1.6 $1.2 $0.8 $0.7 $0.7 $0.3 (a) CNA WRB AFSI THG AFG AIZ MKL SIGI AGII NAVG PRA JRVR EIG AMSF Deutsche Bank Corporate & Investment Bank Note: Market data as of January 26, 2018. AFSI market cap represents unaffected market cap as of 1/8/2018. Source: Company filings, SNL Financial 3

Business mix benchmarking Statutory percent workers’ comp (2016) 100% 100% 56% 30% 23% 22% 14% 12% 12% 11% 10% 8% 0% 0% AMSF EIG AFSI AFG PRA WRB SIGI JRVR MKL CNA AGII THG AIZ NAVG Statutory percent commercial lines (2016) 100% 100% 100% 100% 97% 96% 94% 93% 93% 90% 83% 83% 75% 60% AMSF EIG PRA JRVR AGII AFSI WRB NAVG AFG CNA MKL SIGI AIZ THG Deutsche Bank Corporate & Investment Bank Note: Based on 2016 statutory net premiums written for SNL P&C groups. Source: Company filings, SNL Financial 4

Trading and research analyst comparison Average daily trading volume ($mm) $38.9 $34.9 $31.6 $30.8 $27.3 $21.1 $10.9 $9.4 $9.2 $7.9 $6.0 $5.4 $4.2 $4.2 AIZ AFG MKL AFSI WRB THG SIGI CNA PRA AGII JRVR AMSF EIG NAVG Aggregate research analyst coverage 10 8 6 6 6 5 5 5 5 5 5 4 4 3 WRB PRA AFSI NAVG JRVR AFG AMSF CNA MKL SIGI THG AGII EIG AIZ Deutsche Bank Corporate & Investment Bank Note: 1-year ADTV from 1/1/2017 to 12/31/2017. Source: Company filings, FactSet, Bloomberg, Thomson Eikon 5

Deutsche Bank Corporate & Investment Bank Appendix I Detailed selection process of peers

Disclosed peer groups for AmTrust All available peer sets Company presentation Company-specific research Non-company-specific industry reports Management Pres / A.M. Best Pres Company Investor Keefe, Bruyette & (January 2018 / Presentation Compass Point SunTrust Woods FBR JMP September 2017)(a) (November 2016)(b) (July 2017)(c) (January 2018)(d) (January 2018)(e) (January 2018)(f) (January 2018)(g) Total  ACGL 2 AFG 4 AFH 2 AGII 3 AHL 1 AIG 1 AIZ 1 ALL 2 AMSF 5 AXS 1 CB 2 CNA 2 EIG 6 FNHC 1 GBLI 1 HALL 1 HCI 1 HIG 2 HMN 1 HRTG 1 JRVR 4 KMPR 1 KNSL 2 MHLD 1 MKL 5 NAVG 4 NGHC 2 ORI 1 PGR 1 PRA 3 RE 1 RLI 5 SIGI 2 THG 3 TRV 3 UIHC 1 VR 1 WRB 5 XL 3 Total  7 8 9 13 20 10 21 39 peers Deutsche Bank (a) “Select peers” (e) “Specialty peers” / “Specialty insurers” (b) “Peers” (f) “Property / casualty insurers” Corporate & Investment Bank (g) “Insurers” / “Coverage universe” (c) “AFSI specialty insurance comps” (d) “Peer company” / “Specialty P&C” Source: Company documents, Wall Street research 6

Disclosed peer groups for AmTrust AmTrust-specific peer sets Management Pres / A.M. Best Pres Company Investor (January 2018 / September Presentation Compass Point SunTrust Keefe, Bruyette & Woods 2017)(a) (November 2016)(b) (July 2017)(c) (January 2018)(d) (January 2018)(e) Total  ACGL 1 AFG 4 AFH 1 AGII 2 AHL 1 AIG 1 AIZ 1 AMSF 3 AXS 1 CB 1 CNA 2 EIG 5 GBLI 1 HALL 1 HIG 1 JRVR 2 KNSL 2 MKL 5 NAVG 4 PRA 2 RE 1 RLI 3 SIGI 2 THG 2 TRV 1 VR 1 WRB 5 XL 1 Total 7 8 9 13 20 28 peers Deutsche Bank (a) “Select peers” Source: Company documents, Wall Street research Corporate & Investment Bank (b) “Peers” (c) “AFSI specialty insurance comps” (d) “Peer company” / “Specialty P&C” (e) “Specialty peers” / “Specialty insurers” 7

Preliminary comparable companies selection criteria Significant non- Limited workers’ comp Market cap between Premium volume commercial business presence # of peer sets $1bn—$10bn between $1bn—$10bn (>30%) (<5%) Selected comps ACGL 1 AFG 4 AFH 1 AGII 2 AHL 1 AIG 1 AIZ(a) 1 AMSF 3 AXS 1 CB 1 CNA 2 EIG 5 GBLI 1 HALL 1 HIG 1 JRVR 2 KNSL 2 MKL 5 NAVG 4 PRA 2 RE 1 RLI 3 SIGI 2 THG 2 TRV 1 VR 1 WRB 5 XL 1 Remaining 14 17 14 25 20 13 Deutsche Bank Note: Peers are excluded from the selection if it is present in only one AmTrust-specific peer set (from the prior page) and if they don’t meet more than one of the other mentioned Corporate & Investment Bank criteria. (a) AIZ is included as a peer due to its sizeable warranty business. 8

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