American Safety 2012 Q3 Net Earnings: $6.2M
Bermuda-based American Safety Insurance Holdings, Ltd. reported net earnings of $6.2 million for the three months ended September 30, 2012, or $0.60 per diluted share, as compared to $5.8 million, or $0.54 per diluted share, for the same period of 2011.
Commenting on the results, Stephen R. Crim, President and Chief Executive Officer said, “While operating earnings for the quarter were impacted by a combination of weather related losses, declining investment yields and the impact from recent investments in growth initiatives, book value per share increased by 6% during the quarter. Our growth initiatives contributed to the strong premium growth achieved in the quarter and, as they continue to gain traction, will improve operating earnings over time.”
Financial highlights for the quarter included:
- Gross written premiums increased 8% to $79.1 million
- Net earned premiums increased 7% to $63.1 million
- Total revenues were $77.4 million compared to $68.1 million
- The combined ratio was 106.9% compared to 101.1%
- The combined ratio excluding weather related property losses was 103.7% compared to 101.1%
- Annualized return on average equity (exclusive of realized and unrealized gains from investments) was 2.9%
- Book value was $34.13 per diluted share versus $30.80 at December 31, 2011
