Exhibit 99.1



American Safety Insurance Holdings, Ltd.

Reports First Quarter Financial Results

HAMILTON, Bermuda, May 2, 2012

– American Safety Insurance Holdings, Ltd. (NYSE:ASI) today reported net earnings of $4.1 million for the three months ended March 31, 2012, or $0.39 per diluted share, as compared to $7.9 million, or $0.73 per diluted share, for the same period of 2011. For the three months ended March 31, 2012, net operating earnings were $4.0 million or $0.38 per diluted share, compared to a net operating loss of $3.2 million or $(0.30) per diluted share for the same quarter of 2011.

Financial highlights for the quarter included:



Gross written premiums were $73.8 million compared to $74.3 million



Total revenues were $70.0 million compared to $73.8 million



Net earned premiums increased 13% to $61.4 million



The combined ratio was 101.1% compared to 116.5%



Book value was $31.73 per diluted share versus $30.80 at December 31, 2011



Annualized return on average equity (exclusive of realized and unrealized gains from investments) was 5.6%



Net operating earnings (loss) is a non-GAAP financial measure defined by the Company as net earnings adjusted for net realized gains (losses), net of applicable taxes.

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

First Quarter Results

E&S gross written premiums increased 7% to $38.6 million, ART gross written premiums declined 3% to $21.2 million and Assumed Reinsurance gross written premiums declined 15% to 14.0 million.

The decrease in total revenue to $70.0 million was driven by a decline in net realized gains to $0.1 million compared to $11.1 million in 2011. Partially offsetting the reduction in net realized gains were increases in net earned premiums to $61.4 million from $54.4 million and investment income of $7.8 million compared $7.4 million.

The combined ratio consists of a loss ratio of 60.7% and an expense ratio of 40.4%, compared to 77.7% and 38.8%, respectively, for the same quarter of 2011. The 2011 loss ratio includes property catastrophe losses of $5.8 million and casualty reserve strengthening of $4.6 million, which added 19 points in the aggregate to the 2011 loss ratio. The 2012 expense ratio increase was primarily due to lower acquisition costs in 2011 as a result of reduced profit commissions associated with the property catastrophe treaty.

Pursuant to the January 24, 2012, authorization by the Board of Directors, the company repurchased 5,000 shares at an average price of $18.34 per share.

Commenting on the results, Stephen R. Crim, President and Chief Executive Officer said, “We achieved solid operating results in the quarter with a combined ratio in line with our projections. I am pleased with the growth we produced in the E&S business, advancing our strategy to build scale in our product platform. During the quarter, we saw momentum continue in the improving rate environment, supporting our ability to generate organic growth in existing products.”

The following information was filed by American Safety Insurance Holdings Ltd (ASI) on Wednesday, May 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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