SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                               ------------------

                                    FORM 8-K

                                 CURRENT REPORT
                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                                -----------------

Date of Report:  April 21, 2000

                      AMERICAN SAFETY INSURANCE GROUP, LTD.
             (Exact name of Registrant as specified in its charter)

        Bermuda                  1-14795                Not applicable
(State of incorporation      (Commission File          (I.R.S. Employer
    or organization)             Number)              Identification No.)

    44 Church Street                                    (441) 296-8560
    P.O. Box HM 2064                                (Registrant's telephone
Hamilton, HM HX Bermuda                                     number)
(Address of principal
  executive offices)













Item 5.  Other Events.

     On January 6, 2000,  American Safety Holdings Corp.  acquired (i) the stock
of L&W Holdings, Inc. and its wholly-owned  subsidiary,  RCA Syndicate #1, Ltd.,
an Illinois  licensed  insurance  company  operating on the INEX  (formerly  the
Illinois Insurance Exchange), and (ii) the stock of Principal Management,  Inc.,
an insurance program  development and management group  headquartered in Okemos,
Michigan;  and in a related  transaction,  American Safety Insurance Group, Ltd.
acquired the stock of Pegasus  Insurance,  a Cayman Islands  licensed  insurance
company.  The  transactions  were  structured  as  stock  acquisitions  with the
purchase price payable to the selling shareholders by American Safety consisting
of cash plus American Safety common shares and earnout provisions for the future
issuance of additional common shares.

     When RCA  Syndicate  #1,  Ltd.  filed its 1999  Annual  Statement  with the
Illinois  Department  of Insurance in March 2000,  American  Safety first became
aware that there had been a material  adverse change in the business affairs and
financial  condition  of the acquired  companies  from that  represented  by the
sellers.  American  Safety  launched an  investigation  which disclosed that the
insurance claims  experience of the acquired  companies had been  misrepresented
and that incurred losses from insurance  claims were  significantly in excess of
the amounts reported in their claims records and their financial statements.  As
a result, American Safety then made written demand upon the selling shareholders
of the acquired companies for rescission of the acquisitions, including a return
of the purchase price paid for the companies. American Safety filed a lawsuit on
April 21, 2000 in the United States District Court for the Northern  District of
Georgia to  rescind  the  acquisitions  based  upon the  sellers'  breach of the
representations   and  warranties  made  concerning  the  business  affairs  and
financial condition of the acquired companies.

     Based on presently available  information,  the effect on the first quarter
2000  results of  American  Safety  Insurance  Group,  Ltd.  is expected to be a
reduction  both in net income of  approximately  $3.5  million and  earnings per
share of  approximately  $.59.  American  Safety's  demand for rescission of the
acquisitions  will  have no effect  on  American  Safety's  1999  earnings.  The
sellers'  misrepresentations  as to the business affairs and financial condition
of the acquired companies,  and the  under-reserving for claims,  relate only to
the operations of the acquired companies.

                                    SIGNATURE

     Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized, on April 28, 2000.

                                          American Safety Insurance Group, Ltd.


                                          By:_________________________________
                                                Lloyd A. Fox, President