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American Safety Insurance Holdings, Ltd. Reports Fourth Quarter And Year End Financial Results

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 1 :

  • 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 1 :

  • 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

1 All 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.

Stock quotes in this article: ASI 

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