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.