0000783603-08-000108.txt : 20081002 0000783603-08-000108.hdr.sgml : 20081002 20081002152407 ACCESSION NUMBER: 0000783603-08-000108 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20081002 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20081002 DATE AS OF CHANGE: 20081002 FILER: 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 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14795 FILM NUMBER: 081103158 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 8-K 1 new_8k.htm PRESS RELEASE ISSUED 10-2-08

UNITED STATES

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 (Date of Earliest Event Reported): October 2, 2008

AMERICAN SAFETY INSURANCE HOLDINGS, LTD.

(Exact name of registrant as specified in its charter)

Bermuda

(State or Other Jurisdiction

of Incorporation or Organization)

001-04795

(Commission

File Number)

Not applicable

(I.R.S. Employer

Identification No.)

The Boyle Building, 2nd Floor

31 Queen Street

Hamilton, Bermuda HM 11

(Address of principal executive offices, including zip code)

(441) 296-8560

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) 12 under the Securities Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) 12 under the Securities Act (17 CFR 240.13e-2(c))

Item 9.01.

Financial Statements and Exhibits.

(d)	Exhibits. The following exhibit is being furnished herewith:

Exhibit No.

Description

99.1

Press Release of American Safety Insurance Holdings, Ltd. issued

October 1, 2008.

99.2

Revised Press Release of American Safety Insurance Holdings. Ltd. issued October 2, 2008.

SIGNATURES

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

	AMERICAN SAFETY INSURANCE HOLDINGS, LTD.
	Registrant
Date: October 2, 2008	By:	_______________________________
		Stephen R. Crim
		President/CEO

EX-99 2 revpr.htm 99-2 REVISED PRESS RELEASE 10-02-08

Exhibit 99-2

American Safety Insurance Holdings, Ltd.

Reports On Impact Of Recent Market Developments (revised)

HAMILTON, Bermuda, October 2, 2008 – American Safety Insurance Holdings, Ltd. (NYSE:ASI) today reported that it had $7.7 million of total book value of equity and debt securities in Lehman Brothers, and equity securities in Freddie Mac and Fannie Mae at the time of their failure. The Company will record a pre-tax impairment charge for the full book value of these securities in the third quarter ended September 30, 2008. The Company does not have any other securities in its portfolio that it considers other than temporarily impaired at this time. In addition, given the recent turmoil in the financial markets, the Company sold approximately $17 million of other fixed maturity securities due to credit concerns about the financial services sector issuers. These sales will result in additional $1.4 million pre-tax realized loss in the quarter. Subsequent to the sale and impairment charges, the Company has approximately 10% of its fixed maturity investments in the financial services sector. The Company continues to hold other Freddie Mac and Fannie Mae debt securities that are guaranteed by the US government. The impact of the aggregate $9.1 million in pre-tax impairment charges and realized losses will result in the Company reporting a net loss for the third quarter of 2008. The Company has discussed the impairment and realized losses with A.M. Best and does not expect any impact to its “A” (Excellent) rating.

This release contains forward-looking statements that reflect the Company's current views with respect to future events and financial performance. We intend these forward looking statements to be covered by the safe harbor provisions of the United States securities laws. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially. Important factors that could cause actual events or results to materially differ from our expectations include (1) unexpected ratings action by A.M. Best, (2) further realized losses in our portfolio, and (3) general economic and market conditions.

About Us:

American Safety Insurance Holdings, Ltd. (NYSE:ASI), a Bermuda holding company, offers innovative insurance solutions outside the U.S. in the reinsurance and alternative risk markets through its subsidiaries, American Safety Reinsurance, Ltd. and American Safety Assurance, Ltd., and in the U.S. for specialty risks and alternative risk markets through its program administrator, American Safety Insurance Services, Inc., and insurance company subsidiaries and affiliates, American Safety Casualty Insurance Company, American Safety Indemnity Company and American Safety Risk Retention Group, Inc. As a group, ASI’s insurance subsidiaries and affiliates are rated "A" (Excellent) VIII by A.M. Best.

Contacts:

American Safety Insurance Services, Inc.		American Safety Insurance Services, Inc.
Investor Relations		Media Relations
William Tepe		Julie McDonald
btepe@amsafety.com		jmcdonald@amsafety.com
(770) 916-1908		(770) 916-1908

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Exhibit 99-1

American Safety Insurance Holdings, Ltd.

Reports On Impact Of Recent Market Developments

HAMILTON, Bermuda, October 1, 2008 – American Safety Insurance Holdings, Ltd. (NYSE:ASI) today reported that it had $7.7 million of total book value at September 30, 2008, of securities in Lehman Brothers, Freddie Mac and Fannie Mae in its investment portfolio. The Company will record a pre-tax impairment charge for the full book value of these securities in the third quarter ended September 30, 2008. The Company does not have any other securities in its portfolio that it considers other than temporarily impaired at this time. In addition, given the recent turmoil in the financial markets, the Company sold approximately $17 million of other fixed maturity securities due to credit concerns about the financial services sector issuers. These sales will result in additional $1.4 million pre-tax realized loss in the quarter. Subsequent to the sale and impairment charges, the Company has approximately 10% of its fixed maturity investments in the financial services sector. The impact of the aggregate $9.1 million in pre-tax impairment charges and realized losses will result in the Company reporting a net loss for the third quarter of 2008. The Company has discussed the impairment and realized losses with A.M. Best and does not expect any impact to its “A” (Excellent) rating.

About Us:

Contacts:

American Safety Insurance Services, Inc.		American Safety Insurance Services, Inc.
Investor Relations		Media Relations
William Tepe		Julie McDonald
btepe@amsafety.com		jmcdonald@amsafety.com
(770) 916-1908		(770) 916-1908