American Safety Reports Q2 Financial Results
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
