Exhibit 99.1

 

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American Safety Insurance Holdings, Ltd.

Reports First Quarter 2013 Financial Results

HAMILTON, Bermuda, May 8, 2013

– American Safety Insurance Holdings, Ltd. (NYSE:ASI) today reported net earnings of $5.5 million for the three months ended March 31, 2013, or $0.56 per diluted share, as compared to $4.1 million, or $0.39 per diluted share, for the same period of 2012. For the three months ended March 31, 2013, net operating earnings1 were $4.3 million or $0.44 per diluted share, compared to net operating earnings of $4.0 million or $0.38 per diluted share for the same quarter of 2012.

Financial highlights for the quarter included2:

 

  Gross written premiums increased 10.0% to $81.2 million

 

  Total revenues increased 3.3% to $72.3 million

 

  Net earned premiums totaled $61.9 million versus $61.4 million

 

  The combined ratio was 102.7% compared to 101.1%

 

  Book value was $34.05 per diluted share versus $34.21 at December 31, 2012.

 

1

Net operating earnings 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 totaled $48.0 million compared to $38.6 million, ART gross written premiums were $16.6 million compared to $21.2 million, and Reinsurance gross written premiums were $16.6 million compared to $14.0 million. The growth in the E&S gross written premiums resulted primarily from the surety acquisition and Midwest casualty underwriting teams, both added after the first quarter of 2012. The decrease in ART gross written premiums is due to the de-emphasis of the specialty programs business while the increase in Reinsurance gross written premiums was due to increased January 2013 new business.

The increase in total revenue to $72.3 million was attributable to increases in net earned premiums, net realized gains and fee income, partially offset by lower investment income. The combined ratio for the quarter ended March 31, 2013 was 102.7%, composed of a loss ratio of 61.3% and an expense ratio of 41.4%, compared to the prior year combined ratio of 101.1%, composed of a loss ratio of 60.7% and expense ratio of 40.4%. The loss ratio for the quarters ended March 31, 2013 and 2012 do not include any prior accident year loss reserve adjustments. The expense ratio increased due primarily to the surety acquisition and other underwriting teams, both added after the first quarter of 2012.

Book value per diluted share decreased to $34.05 due primarily to declines during the quarter in the valuation of mortgage and corporate fixed income securities in the portfolio.

Commenting on the results, Stephen R. Crim, Chief Executive Officer, said: “We had a solid first quarter with strong growth coming from our excess and surplus lines division. We continue the process of reviewing strategic alternatives and will make an announcement when a definitive agreement has been reached or the process is concluded.”


The following information was filed by American Safety Insurance Holdings Ltd (ASI) on Wednesday, May 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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