Exhibit 99.1

 

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American Safety Insurance Holdings, Ltd.

Reports Fourth Quarter and Year End Financial Results

Book Value Per Diluted Share Increased to $30.80, a 6% Increase Year Over Year

HAMILTON, Bermuda, March 6, 2012 – American Safety Insurance Holdings, Ltd. (NYSE:ASI) today reported a net loss of $6.9 million, or $(0.67) per diluted share, for the 2011 fourth quarter, compared to net earnings of $10.6 million, or $0.99 per diluted share, for the same period in 2010. Net earnings for the year ended December 31, 2011, were $10.8 million, or $1.01 per diluted share, compared to $30.5 million, or $2.87 per diluted share, for the year ended 2010.

Financial highlights for the quarter included1:

 

   

Gross written premiums decreased 8% to $68.1 million

 

   

Total revenues increased 3% to $68.5 million

 

   

Net earned premiums increased 5% to $60.4 million

 

   

The combined ratio was 124.2% compared to 101.4%

Financial highlights for the year included1:

 

   

Gross written premiums increased 8% to $298.5 million

 

   

Total revenues increased 16% to $278.5 million

 

   

Net earned premiums increased 16% to $232.9 million

 

   

The combined ratio was 112.0% compared to 100.3%

 

   

Cash flow from operations increased by 4% to $61.9 million

 

   

Book value increased 6% to $30.80 per diluted share

1All comparisons are with the same period last year unless stated otherwise.

Fourth Quarter Results

E&S gross written premiums totaled $35.8 million compared to $37.9 million, ART gross written premiums were $19.1 million compared to $21.8 million, and Assumed Reinsurance gross written premiums were $13.2 million compared to $14.0 million.

The increase in total revenue to $68.5 million was driven by increased earned premiums of $3.1 million, partially offset by lower investment income. Investment income was $7.7 million as increased invested assets were offset by lower yields.

The combined ratio was 124.2%, composed of a loss ratio of 85.1% and an expense ratio of 39.1%. The loss ratio increased to 85.1% from 59.8% for the same quarter of 2010 due to pre-tax net loss reserve strengthening in the 2011 quarter of $16.4 million (27.2 points), of which $6.5 million (10.8 points) relates to prior accident years and $9.9 million (16.4 points) relates to current accident year losses. The components of the net loss reserve strengthening are: (1) E&S favorable net loss reserve development of $12.2 million, (2) ART net loss reserve strengthening of $18.7 million, (3) Assumed Reinsurance net loss reserve strengthening of $7.9 million, and (4) Run-off net loss reserve strengthening of $2.0 million.


The following information was filed by American Safety Insurance Holdings Ltd (ASI) on Tuesday, March 6, 2012 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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