American Safety Reports Q2 Financial Results

August 4, 2013

Bermuda-based American Safety Insurance Holdings, Ltd. reported net earnings of $34.8 million for the three months ended June 30, 2013, or $3.54 per diluted share, as compared to $2.2 million, or $0.21 per diluted share, for the same period of 2012. Net earnings for the second quarter ended June 30, 2013 include after tax net realized gains of $31.4 million, or $3.20 per share.

Financial highlights for the quarter included:

  • Gross written premiums decreased 4.2% to $83.9 million
  • Total revenues were $105.6 million compared to $70.1 million
  • Pre-tax net realized gains were $37.5 million
  • The combined ratio was 102.2% compared to 107.1%
  • Annualized return on average equity [exclusive of realized and unrealized gains from investments] was 4.4%
  • Book value was $32.79 per diluted share versus $34.21 at December 31, 2012
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