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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 $0.6 million, or $(0.06) per diluted share, for the 2012 fourth quarter, compared to net loss of $6.9 million, or ($0.67) per diluted share, for the same period in 2011. Net earnings for the year ended December 31, 2012, were $11.8 million, or $1.14 per diluted share, compared to $10.8 million, or $1.01 per diluted share, for the year ended 2011.

Financial highlights for the quarter included 1 :

  • Gross written premiums increased 15.7% to $78.8 million
  • Total revenues increased 16.2% to $79.6 million
  • Net earned premiums increased 11.6% to $67.3 million
  • The combined ratio was 116.6% compared to 124.0%
  • The net operating loss was $3.7 million compared to a net operating loss of $6.6 million

Financial highlights for the year included 1 :

  • Gross written premiums increased 6.9% to $319.2 million
  • Total revenues increased 6.7% to $297.1 million
  • Net earned premiums increased 9.0% to $253.9 million
  • The combined ratio was 108.1% compared to 111.8%
  • Book value increased 11% to $34.21 per diluted share
  • Net operating earnings were $4.6 million compared to $0

1 All comparisons are with the same period of 2011 unless stated otherwise.

Fourth Quarter Results

E&S gross written premiums totaled $47.7 million compared to $35.8 million, ART gross written premiums were $16.8 million compared to $19.1 million, and Reinsurance gross written premiums were $14.3 million compared to $13.2 million.

The increase in total revenue to $79.6 million was driven by increases in net earned premiums of $7.0 million and net realized gains of $4.3 million. Approximately $4.3 million of the increase in net earned premiums is due to adjustments in the E&S division attributable to ceded reinsurance contracts containing adjustable provisions and the property catastrophe treaty in the Reinsurance division.

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