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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FGJ79p2bJeGessAlPoCOTnBA7cUqpHgcpZjjKk5X8ejoHc70qF7pnouYftw1yDP2
 4UqcmaMYEL1f0iL2/+eYzw==

<SEC-DOCUMENT>0000783603-08-000041.txt : 20080320
<SEC-HEADER>0000783603-08-000041.hdr.sgml : 20080320
<ACCEPTANCE-DATETIME>20080320142111
ACCESSION NUMBER:		0000783603-08-000041
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080304
FILED AS OF DATE:		20080320
DATE AS OF CHANGE:		20080320

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN SAFETY INSURANCE HOLDINGS LTD
		CENTRAL INDEX KEY:			0000783603
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		31 QUEENS STREET
		STREET 2:		2ND FLOOR
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11
		BUSINESS PHONE:		441-296-8560

	MAIL ADDRESS:	
		STREET 1:		31 QUEENS STREET
		STREET 2:		2ND FLOOR
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN SAFETY INSURANCE GROUP LTD
		DATE OF NAME CHANGE:	19971218

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			William Clarence Tepe
		CENTRAL INDEX KEY:			0001345760

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14795
		FILM NUMBER:		08701744

	BUSINESS ADDRESS:	
		STREET 1:		1845 THE EXCHANGE
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30102
		BUSINESS PHONE:		770-485-4373

	MAIL ADDRESS:	
		STREET 1:		1845 THE EXCHANGE
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30102
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>tepe-options030408_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-03-04</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000783603</issuerCik>
        <issuerName>AMERICAN SAFETY INSURANCE HOLDINGS LTD</issuerName>
        <issuerTradingSymbol>ASI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001345760</rptOwnerCik>
            <rptOwnerName>William Clarence Tepe</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O AMERICAN SAFETY INSURANCE</rptOwnerStreet1>
            <rptOwnerStreet2>100 GALLERIA PKWY., #700</rptOwnerStreet2>
            <rptOwnerCity>ATLANTA</rptOwnerCity>
            <rptOwnerState>GA</rptOwnerState>
            <rptOwnerZipCode>30339</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CFO/Treasurer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>17.95</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-03-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2009-03-04</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2018-03-04</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These options have a three-year vesting schedule, pursuant to which the shares underlying the options shall vest in one-third
 increments commencing one year after the date of grant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>William C. Tepe</signatureName>
        <signatureDate>2008-03-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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