American Safety Insurance: 1st Q $6.5 Million
Bermuda based American Safety Insurance Holdings Ltd reported first quarter net earnings of $6.5 million [$0.61 per diluted share] compared to $5.5 million [$0.53 per diluted share] for the same period in 2009.
Financial highlights for the quarter included:
- Book value increased to $27.23 per outstanding share and $26.21 per diluted share at quarter end, from $26.33 per outstanding share and $25.47 per diluted share at December 31, 2009.
- Return on average equity (adjusted for realized and unrealized gains (losses) on investments) was 9.2% compared to 10.0% for the same period of 2009.
- Cash flow from operations was $10.6 million compared to $14.2 million for the same period of 2009.
- Gross premiums written increased 16.6% to $59.3 million versus the same period of 2009.
- Net premiums written increased 22.8% to $48.8 million versus the same period of 2009.
- The combined ratio was 102.3% compared to 101.1% for the same period of 2009.
President and CEO Stephen R. Crim said:
I am pleased with the solid earnings and increase in book value accomplished in the quarter. We advanced our strategy to achieve critical mass in newer products and shifted our product mix toward shorter tail lines of business.
American Safety Insurance Holdings was formed in 1986 as a captive insurance company in Bermuda. As of 2010, they offers innovative solutions outside the U.S. in the reinsurance and alternative risk markets through its subsidiaries.
Other 2010 first quarter results of Bermuda based companies here.
