American Safety Insurance Holdings, Ltd. Reports First Quarter Financial Results
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 1 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 2 :
- 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%
1 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.
2All 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV