Bermuda
(State or Other Jurisdiction
of Incorporation or Organization)
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001-04795
(Commission
File Number)
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Not applicable
(I.R.S. Employer
Identification No.)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) 12 under the Securities Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) 12 under the Securities Act (17 CFR 240.13e-2(c))
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Exhibit No.
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Description
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99.1
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Press Release of American Safety Insurance Holdings, Ltd. issued March 9, 2011 announcing financial results for the quarter and year ended December 31, 2010.
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AMERICAN SAFETY INSURANCE HOLDINGS, LTD.
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||
Registrant
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||
Date: March 9, 2011
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By:
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/s/ Stephen R. Crim
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Stephen R. Crim
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||
President/CEO
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·
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Gross written premiums increased 38.4% to $73.7 million.
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·
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Total revenues increased 27.5% to $66.2 million.
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·
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Net investment income increased 4.4% to $8.0 million.
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·
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The combined ratio was 101.4% compared to 99.2% for the same 2009 quarter.
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·
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Gross written premiums increased 9.5% to $277.6 million.
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·
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Total revenues increased 16.9% to $239.3 million.
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·
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Net investment income increased 5.2% to $32.1 million.
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·
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The combined ratio was 100.3% compared to 99.4% for the 2009 year.
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·
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Cash flow from operations increased 11.7% to $59.6 million.
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·
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Book value increased 13.9% to $29.00 per diluted share.
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·
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Return on average equity (adjusted for realized and unrealized gains and losses from investments) for 2010 increased to 10.9% from 10.8% in 2009.
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American Safety Insurance Holdings, Ltd.
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American Safety Administrative Services, Inc.
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Investor Relations
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Media Relations
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Stephen R. Crim
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Patrick Driscoll
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scrim@amsafety.bm
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patrick.driscoll@amsafety.com
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(441) 542-7933
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(770) 916-1908
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Three Months Ended September 30,
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Nine Months Ended September 30,
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|||||||||||||||
2010
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2009
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2010
|
2009
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|||||||||||||
INCOME STATEMENT DATA:
Revenues:
|
||||||||||||||||
Direct earned premiums
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$ | 55,941 | $ | 58,877 | $ | 172,659 | $ | 160,057 | ||||||||
Assumed earned premiums
|
10,861 | 6,895 | 29,151 | 26,991 | ||||||||||||
Ceded earned premiums
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(13,582 | ) | (25,791 | ) | (58,382 | ) | (60,798 | ) | ||||||||
Net earned premiums
|
53,220 | 39,981 | 143,428 | 126,250 | ||||||||||||
Net investment income
|
8,265 | 7,331 | 24,099 | 22,850 | ||||||||||||
Net realized gains
|
560 | 61 | 2,080 | 298 | ||||||||||||
Fee income
|
1,474 | 1,250 | 3,722 | 3,368 | ||||||||||||
Other income (loss)
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(260 | ) | (40 | ) | (230 | ) | 44 | |||||||||
Total revenues
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63,259 | 48,583 | 173,099 | 152,810 | ||||||||||||
Expenses:
|
||||||||||||||||
Losses and loss adjustment expenses
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31,378 | 23,074 | 86,030 | 74,322 | ||||||||||||
Acquisition expenses
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12,393 | 7,843 | 31,218 | 26,920 | ||||||||||||
Other underwriting expenses
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9,996 | 10,366 | 29,672 | 27,682 | ||||||||||||
Interest expense
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586 | 828 | 2,030 | 2,379 | ||||||||||||
Corporate and other expenses
|
965 | 651 | 2,431 | 2,076 | ||||||||||||
Total expenses
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55,318 | 42,762 | 151,381 | 133,379 | ||||||||||||
Earnings before income taxes
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7,941 | 5,821 | 21,718 | 19,431 | ||||||||||||
Income taxes
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635 | 446 | 1,486 | 1,420 | ||||||||||||
Net Earnings
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7,306 | 5,375 | 20,232 | 18,011 | ||||||||||||
Less: Net earnings attributable to the non-controlling interest
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104 | 421 | 360 | 593 | ||||||||||||
Net earnings attributable to ASIH, Ltd.
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$ | 7,202 | $ | 4,954 | $ | 19,872 | $ | 17,418 | ||||||||
Net earnings per share:
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||||||||||||||||
Basic
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$ | 0.70 | $ | 0.48 | $ | 1.93 | $ | 1.69 | ||||||||
Diluted
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$ | 0.68 | $ | 0.47 | $ | 1.87 | $ | 1.65 | ||||||||
Weighted average number of shares
outstanding:
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||||||||||||||||
Basic
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10,271,184 | 10,303,121 | 10,282,976 | 10,297,303 | ||||||||||||
Diluted
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10,612,281 | 10,608,138 | 10,615,548 | 10,536,027 | ||||||||||||
Loss Ratio
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59.0 | % | 57.7 | % | 60.0 | % | 58.9 | % | ||||||||
Expense Ratio
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39.3 | % | 42.5 | % | 39.8 | % | 40.6 | % | ||||||||
GAAP combined ratio
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98.3 | % | 100.2 | % | 99.8 | % | 99.5 | % | ||||||||
Operating Earnings:
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||||||||||||||||
Net earnings attributable to ASIH, Ltd.
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$ | 7,202 | $ | 4,954 | $ | 19,872 | $ | 17,418 | ||||||||
Less: Realized investment gains (losses), net of taxes
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487 | 39 | 1,660 | (40 | ) | |||||||||||
Operating earnings
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$ | 6,715 | $ | 4,915 | $ | 18,212 | $ | 17,458 |
At
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||||||||
BALANCE SHEET DATA:
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9/30/2010
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12/31/2009
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||||||
Total investments
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$ | 805,941 | $ | 750,425 | ||||
Total assets
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1,220,712 | 1,147,660 | ||||||
Unpaid losses and loss adjustment expenses
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648,952 | 616,444 | ||||||
Total liabilities
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898,314 | 872,148 | ||||||
Total shareholders’ equity
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322,398 | 275,512 | ||||||
Book value per share-diluted
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$ | 29.81 | $ | 25.47 |
Three Months Ended December 31, 2010
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||||||||||||||||||||
Insurance
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Other
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|||||||||||||||||||
E&S
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ART
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Reinsurance
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Run-off
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Total
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||||||||||||||||
Gross Written Premiums
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$ | 37,939 | $ | 21,818 | $ | 13,977 | $ | (1 | ) | $ | 73,733 | |||||||||
Net Written Premiums
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32,972 | 13,865 | 13,119 | (1 | ) | 59,955 | ||||||||||||||
Net Earned Premiums
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30,166 | 14,574 | 12,566 | (1 | ) | 57,305 | ||||||||||||||
Underwriting Profit (Loss)
|
808 | (4,762 | ) | 1,243 | 998 | (1,713 | ) | |||||||||||||
Fee Income
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109 | 761 | 41 | (2 | ) | 909 | ||||||||||||||
Other Income (Loss)
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- | - | - | (213 | ) | (213 | ) | |||||||||||||
Investment Income
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5,211 | 1,257 | 1,478 | 93 | 8,039 | |||||||||||||||
Pre-tax Operating Income (Loss)
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6,128 | (2,744 | ) | 2,762 | 876 | 7,022 | ||||||||||||||
Realized Gains (Losses)
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171 | |||||||||||||||||||
Interest and Holding Company Expenses
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1,042 | |||||||||||||||||||
Earnings Before Income Taxes
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6,151 | |||||||||||||||||||
Income Taxes (Benefit)
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(3,568 | ) | ||||||||||||||||||
Net Earnings
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$ | 9,719 | ||||||||||||||||||
Less: Net Loss Attributable to the
Non-Controlling Interest
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(917 | ) | ||||||||||||||||||
Net Earnings Attributable to ASIH, Ltd.
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$ | 10,636 | ||||||||||||||||||
Loss Ratio
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53.5 | % | 80.5 | % | 61.7 | % |
NM
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59.8 | % | |||||||||||
Expense Ratio
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43.4 | % | 46.9 | % | 28.1 | % |
NM
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41.6 | % | |||||||||||
Combined Ratio
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96.9 | % | 127.4 | % | 89.8 | % |
NM
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101.4 | % | |||||||||||
Three Months Ended December 31, 2009
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||||||||||||||||||||
Insurance
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Other
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|||||||||||||||||||
E&S
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ART
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Reinsurance
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Run-off
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Total
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||||||||||||||||
Gross Written Premiums
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$ | 31,548 | $ | 13,671 | $ | 8,069 | $ | (1 | ) | $ | 53,287 | |||||||||
Net Written Premiums
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25,591 | 9,477 | 8,953 | (1 | ) | 44,020 | ||||||||||||||
Net Earned Premiums
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23,512 | 10,178 | 8,578 | (1 | ) | 42,267 | ||||||||||||||
Underwriting Profit (Loss)
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7,311 | (2,020 | ) | (5,334 | ) | (1,688 | ) | (1,731 | ) | |||||||||||
Fee Income
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95 | 1,763 | 222 | - | 2,080 | |||||||||||||||
Other Income (Loss)
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- | - | - | 7 | 7 | |||||||||||||||
Investment Income
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5,360 | 1,151 | 968 | 225 | 7,704 | |||||||||||||||
Pre-tax Operating Income (Loss)
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12,766 | 894 | (4,144 | ) | (1,456 | ) | 8,060 | |||||||||||||
Realized Gains (Losses)
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(135 | ) | ||||||||||||||||||
Interest and Holding Company Expenses
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2,114 | |||||||||||||||||||
Earnings Before Income Taxes
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5,811 | |||||||||||||||||||
Income Taxes (Benefit)
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(879 | ) | ||||||||||||||||||
Net Earnings
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$ | 6,690 | ||||||||||||||||||
Less: Net Loss Attributable to the
Non-Controlling Interest
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(216 | ) | ||||||||||||||||||
Net Earnings Attributable to ASIH, Ltd.
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$ | 6,906 | ||||||||||||||||||
Loss Ratio
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19.6 | % | 79.2 | % | 116.0 | % |
NM
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55.2 | % | |||||||||||
Expense Ratio
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48.9 | % | 23.3 | % | 43.6 | % |
NM
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44.0 | % | |||||||||||
Combined Ratio
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68.5 | % | 102.5 | % | 159.6 | % |
NM
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99.2 | % |
Twelve Months Ended December 31, 2010
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||||||||||||||||||||
Insurance
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Other
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|||||||||||||||||||
E&S
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ART
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Reinsurance
|
Run-off
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Total
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||||||||||||||||
Gross Written Premiums
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$ | 138,166 | $ | 88,784 | $ | 50,618 | $ | (7 | ) | $ | 277,561 | |||||||||
Net Written Premiums
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114,223 | 62,366 | 46,658 | (7 | ) | 223,240 | ||||||||||||||
Net Earned premiums
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102,907 | 53,752 | 44,081 | (7 | ) | 200,733 | ||||||||||||||
Underwriting Profit (Loss)
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(4,270 | ) | (3,280 | ) | 2,329 | 16 | (5,205 | ) | ||||||||||||
Fee Income
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724 | 3,615 | 269 | 23 | 4,631 | |||||||||||||||
Other Income (Loss)
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(223 | ) | - | - | (220 | ) | (443 | ) | ||||||||||||
Investment Income
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21,331 | 4,891 | 5,231 | 685 | 32,138 | |||||||||||||||
Pre-tax Operating Income
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17,562 | 5,226 | 7,829 | 504 | 31,121 | |||||||||||||||
Realized Gains
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2,251 | |||||||||||||||||||
Interest and Holding Company Expenses
|
5,503 | |||||||||||||||||||
Earnings Before Income Taxes
|
27,869 | |||||||||||||||||||
Income Tax Benefit
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(2,082 | ) | ||||||||||||||||||
Net Earnings
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$ | 29,951 | ||||||||||||||||||
Less: Net Loss Attributable to the
Non-Controlling Interest
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(557 | ) | ||||||||||||||||||
Net Earnings Attributable to ASIH, Ltd.
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$ | 30,508 | ||||||||||||||||||
Loss Ratio
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56.5 | % | 64.5 | % | 65.5 | % |
NM
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59.9 | % | |||||||||||
Expense Ratio
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47.0 | % | 34.9 | % | 28.6 | % |
NM
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40.4 | % | |||||||||||
Combined Ratio
|
103.5 | % | 99.4 | % | 94.1 | % |
NM
|
100.3 | % |
Twelve Months Ended December 31, 2009
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||||||||||||||||||||
Insurance
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Other
|
|||||||||||||||||||
E&S
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ART
|
Reinsurance
|
Run-off
|
Total
|
||||||||||||||||
Gross Written Premiums
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$ | 116,968 | $ | 103,155 | $ | 33,397 | $ | (1 | ) | $ | 253,519 | |||||||||
Net Written Premiums
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89,517 | 39,036 | 36,247 | (91 | ) | 164,709 | ||||||||||||||
Net Earned Premiums
|
91,970 | 40,612 | 36,026 | (91 | ) | 168,517 | ||||||||||||||
Underwriting Profit (Loss)
|
4,640 | (110 | ) | (5,176 | ) | (3,759 | ) | (4,405 | ) | |||||||||||
Fee Income
|
710 | 4,183 | 555 | - | 5,448 | |||||||||||||||
Other Income (Loss)
|
- | - | - | 51 | 51 | |||||||||||||||
Investment Income
|
21,255 | 4,563 | 3,840 | 896 | 30,554 | |||||||||||||||
Pre-tax Operating Income (Loss)
|
26,605 | 8,636 | (781 | ) | (2,812 | ) | 31,648 | |||||||||||||
Realized Gains (Losses)
|
163 | |||||||||||||||||||
Interest and Holding Company Expenses
|
6,568 | |||||||||||||||||||
Earnings Before Income Taxes
|
25,243 | |||||||||||||||||||
Income Taxes Expense
|
541 | |||||||||||||||||||
Net Earnings
|
$ | 24,702 | ||||||||||||||||||
Less: Net Earnings Attributable to the
Non-Controlling Interest
|
377 | |||||||||||||||||||
Net Earnings Attributable to ASIH, Ltd.
|
$ | 24,325 | ||||||||||||||||||
Loss Ratio
|
48.1 | % | 60.3 | % | 78.5 | % |
NM
|
57.9 | % | |||||||||||
Expense Ratio
|
46.1 | % | 29.7 | % | 34.3 | % |
NM
|
41.5 | % | |||||||||||
Combined Ratio
|
94.2 | % | 90.0 | % | 112.8 | % |
NM
|
99.4 | % |