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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 included
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 included
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.