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American Safety Insurance Holdings, Ltd.
Reports Fourth Quarter and Year End Financial Results
Book Value Per Diluted Share Increased to $34.21, an 11% Increase Year Over Year
HAMILTON, Bermuda, March 6, 2013 American Safety Insurance Holdings, Ltd. (NYSE:ASI) today reported a net loss of $0.6 million, or $(0.06) per diluted share, for the 2012 fourth quarter, compared to net loss of $6.9 million, or ($0.67) per diluted share, for the same period in 2011. Net earnings for the year ended December 31, 2012, were $11.8 million, or $1.14 per diluted share compared to $10.8 million, or $1.01 per diluted share, for the year ended 2011.
Financial highlights for the quarter included1:
|||Gross written premiums increased 15.7% to $78.8 million|
|||Total revenues increased 16.2% to $79.6 million|
|||Net earned premiums increased 11.6% to $67.3 million|
|||The combined ratio was 116.6% compared to 124.0%|
|||The net operating loss was $3.7 million compared to a net operating loss of $6.6 million|
Financial highlights for the year included1:
|||Gross written premiums increased 6.9% to $319.2 million|
|||Total revenues increased 6.7% to $297.1 million|
|||Net earned premiums increased 9.0% to $253.9 million|
|||The combined ratio was 108.1% compared to 111.8%|
|||Book value increased 11% to $34.21 per diluted share|
|||Net operating earnings were $4.6 million compared to $0|
All comparisons are with the same period of 2011 unless stated otherwise.
Fourth Quarter Results
E&S gross written premiums totaled $47.7 million compared to $35.8 million, ART gross written premiums were $16.8 million compared to $19.1 million, and Reinsurance gross written premiums were $14.3 million compared to $13.2 million.
The increase in total revenue to $79.6 million was driven by increases in net earned premiums of $7.0 million and net realized gains of $4.3 million. Approximately $4.3 million of the increase in net earned premiums is due to adjustments in the E&S division attributable to ceded reinsurance contracts containing adjustable provisions and the property catastrophe treaty in the Reinsurance division.
The following information was filed by American Safety Insurance Holdings Ltd (ASI) on Wednesday, March 6, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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