Bermuda
(State or Other Jurisdiction
of Incorporation or Organization)
|
001-04795
(Commission
File Number)
|
Not applicable
(I.R.S. Employer
Identification No.)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) 12 under the Securities Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) 12 under the Securities Act (17 CFR 240.13e-2(c))
|
Exhibit No.
|
Description
|
99.1
|
Press Release of American Safety Insurance Holdings, Ltd. issued August 3, 2011 announcing financial results for the quarter ended June 30, 2011.
|
AMERICAN SAFETY INSURANCE HOLDINGS, LTD.
|
||
Registrant
|
||
Date: August 3, 2011
|
By:
|
/s/ Stephen R. Crim
|
Stephen R. Crim
|
||
President/CEO
|
·
|
Net earned premiums increased 25% to $59.2 million
|
·
|
Property losses from U.S. storms were $5.1 million ($3.3 million after tax), contributing approximately 9 points to the combined ratio
|
·
|
The combined ratio was 105.8% compared to 99.4%
|
·
|
Operating cash flow was $8.1 million compared to $24.7 million
|
·
|
Book value was $29.76 per diluted share versus $29.00 at December 31, 2010
|
American Safety Insurance Holdings, Ltd.
|
American Safety Administrative Services, Inc.
|
|
Investor Relations
|
Media Relations
|
|
Stephen R. Crim
|
Patrick Driscoll, CPA, CPCU
|
|
scrim@amsafety.bm
|
patrick.driscoll@amsafety.com
|
|
(441) 296-8560
|
(770) 916-1908
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
INCOME STATEMENT DATA:
Revenues:
|
||||||||||||||||
Direct earned premiums
|
$ | 60,801 | $ | 60,976 | $ | 118,456 | $ | 116,718 | ||||||||
Assumed earned premiums
|
13,851 | 9,270 | 25,135 | 18,290 | ||||||||||||
Ceded earned premiums
|
(15,502 | ) | (23,006 | ) | (30,073 | ) | (44,800 | ) | ||||||||
Net earned premiums
|
59,150 | 47,240 | 113,518 | 90,208 | ||||||||||||
Net investment income
|
8,050 | 7,929 | 15,486 | 15,834 | ||||||||||||
Net realized gains
|
194 | 509 | 11,302 | 1,520 | ||||||||||||
Fee income
|
786 | 1,155 | 1,651 | 2,248 | ||||||||||||
Other income
|
12 | 10 | 23 | 30 | ||||||||||||
Total revenues
|
68,192 | 56,843 | 141,980 | 109,840 | ||||||||||||
Expenses:
|
||||||||||||||||
Losses and loss adjustment expenses
|
39,869 | 29,251 | 82,129 | 54,652 | ||||||||||||
Acquisition expenses
|
13,347 | 8,995 | 25,208 | 18,825 | ||||||||||||
Other underwriting expenses
|
10,171 | 9,849 | 20,370 | 19,676 | ||||||||||||
Interest expense
|
354 | 685 | 740 | 1,444 | ||||||||||||
Corporate and other expenses
|
918 | 751 | 1,638 | 1,466 | ||||||||||||
Total expenses
|
64,659 | 49,531 | 130,085 | 96,063 | ||||||||||||
Earnings before income taxes
|
3,533 | 7,312 | 11,895 | 13,777 | ||||||||||||
Income tax expense (benefit)
|
(549 | ) | 950 | (581 | ) | 851 | ||||||||||
Net earnings
|
4,082 | 6,362 | 12,476 | 12,926 | ||||||||||||
Less: Net earnings attributable to the non-controlling interest
|
30 | 199 | 523 | 256 | ||||||||||||
Net earnings attributable to ASIH, Ltd.
|
$ | 4,052 | $ | 6,163 | $ | 11,953 | $ | 12,670 | ||||||||
Net earnings per share:
|
||||||||||||||||
Basic
|
$ | 0.39 | $ | 0.60 | $ | 1.15 | $ | 1.23 | ||||||||
Diluted
|
$ | 0.38 | $ | 0.58 | $ | 1.11 | $ | 1.19 | ||||||||
Weighted average number of shares outstanding:
|
||||||||||||||||
Basic
|
10,429,188 | 10,246,100 | 10,436,848 | 10,288,718 | ||||||||||||
Diluted
|
10,764,542 | 10,589,708 | 10,776,398 | 10,616,956 | ||||||||||||
Loss ratio
|
67.4 | % | 61.9 | % | 72.3 | % | 60.6 | % | ||||||||
Expense ratio
|
38.4 | % | 37.5 | % | 38.7 | % | 40.2 | % | ||||||||
Combined ratio
|
105.8 | % | 99.4 | % | 111.0 | % | 100.8 | % | ||||||||
Net operating earnings:
|
||||||||||||||||
Net earnings attributable to ASIH, Ltd.
|
$ | 4,052 | $ | 6,163 | $ | 11,953 | $ | 12,670 | ||||||||
Less: Realized investment gains,
net of taxes
|
146 | 431 | 11,208 | 1,173 | ||||||||||||
Net operating earnings
|
$ | 3,906 | $ | 5,732 | $ | 745 | $ | 11,497 |
At
|
||||||||
BALANCE SHEET DATA:
|
6/30/2011
|
12/31/2010
|
||||||
(unaudited)
|
||||||||
Total investments
|
$ | 863,081 | $ | 818,450 | ||||
Total assets
|
1,265,324 | 1,221,253 | ||||||
Unpaid losses and loss adjustment expenses
|
667,644 | 649,641 | ||||||
Total liabilities
|
941,084 | 902,719 | ||||||
Total shareholders’ equity
|
324,240 | 318,534 | ||||||
Book value per share-diluted
|
$ | 29.76 | $ | 29.00 |
Three Months Ended June 30, 2011
|
||||||||||||||||||||
Insurance
|
Other
|
|||||||||||||||||||
E&S
|
ART
|
Reinsurance
|
Run-off
|
Total
|
||||||||||||||||
Gross written premiums
|
$ | 43,929 | $ | 23,923 | $ | 15,028 | $ | (1 | ) | $ | 82,879 | |||||||||
Net earned premiums
|
29,085 | 15,616 | 14,450 | (1 | ) | 59,150 | ||||||||||||||
Fee & other income
|
(5 | ) | 770 | - | 33 | 798 | ||||||||||||||
Losses & loss adjustment expenses
|
17,885 | 12,830 | 9,153 | 1 | 39,869 | |||||||||||||||
Acquisition & other underwriting expenses
|
13,216 | 6,148 | 4,292 | (138 | ) | 23,518 | ||||||||||||||
Underwriting profit (loss)
|
(2,021 | ) | (2,592 | ) | 1,005 | 169 | (3,439 | ) | ||||||||||||
Net investment income
|
5,081 | 1,232 | 1,586 | 151 | 8,050 | |||||||||||||||
Pre-tax operating income (loss)
|
3,060 | (1,360 | ) | 2,591 | 320 | 4,611 | ||||||||||||||
Net realized gains
|
194 | |||||||||||||||||||
Interest and corporate expenses
|
1,272 | |||||||||||||||||||
Earnings before income taxes
|
3,533 | |||||||||||||||||||
Income tax benefit
|
(549 | ) | ||||||||||||||||||
Net earnings
|
$ | 4,082 | ||||||||||||||||||
Less: Net earnings attributable to the
non-controlling interest
|
30 | |||||||||||||||||||
Net earnings attributable to ASIH, Ltd.
|
$ | 4,052 | ||||||||||||||||||
Loss ratio
|
61.5 | % | 82.2 | % | 63.3 | % |
NM
|
67.4 | % | |||||||||||
Expense ratio
|
45.5 | % | 34.4 | % | 29.7 | % |
NM
|
38.4 | % | |||||||||||
Combined ratio
|
107.0 | % | 116.6 | % | 93.0 | % |
NM
|
105.8 | % |
Three Months Ended June 30, 2010
|
||||||||||||||||||||
Insurance
|
Other
|
|||||||||||||||||||
E&S
|
ART
|
Reinsurance
|
Run-off
|
Total
|
||||||||||||||||
Gross written premiums
|
$ | 36,478 | $ | 23,885 | $ | 12,215 | $ | - | $ | 72,578 | ||||||||||
Net earned premiums
|
24,242 | 12,901 | 10,097 | - | 47,240 | |||||||||||||||
Fee & other income
|
203 | 873 | 55 | 34 | 1,165 | |||||||||||||||
Losses & loss adjustment expenses
|
13,720 | 8,479 | 7,052 | - | 29,251 | |||||||||||||||
Acquisition & other underwriting expenses
|
11,918 | 3,687 | 2,896 | 343 | 18,844 | |||||||||||||||
Underwriting profit (loss)
|
(1,193 | ) | 1,608 | 204 | (309 | ) | 310 | |||||||||||||
Net investment income
|
5,385 | 1,139 | 1,178 | 227 | 7,929 | |||||||||||||||
Pre-tax operating income (loss)
|
4,192 | 2,747 | 1,382 | (82 | ) | 8,239 | ||||||||||||||
Net realized gains
|
509 | |||||||||||||||||||
Interest and corporate expenses
|
1,436 | |||||||||||||||||||
Earnings before income taxes
|
7,312 | |||||||||||||||||||
Income tax expense
|
950 | |||||||||||||||||||
Net earnings
|
$ | 6,362 | ||||||||||||||||||
Less: Net earnings attributable to the
non-controlling interest
|
199 | |||||||||||||||||||
Net earnings attributable to ASIH, Ltd.
|
$ | 6,163 | ||||||||||||||||||
Loss ratio
|
56.6 | % | 65.7 | % | 69.8 | % |
NM
|
61.9 | % | |||||||||||
Expense ratio
|
48.3 | % | 21.8 | % | 28.1 | % |
NM
|
37.5 | % | |||||||||||
Combined ratio
|
104.9 | % | 87.5 | % | 97.9 | % |
NM
|
99.4 | % |
Six Months Ended June 30, 2011
|
||||||||||||||||||||
Insurance
|
Other
|
|||||||||||||||||||
E&S
|
ART
|
Reinsurance
|
Run-off
|
Total
|
||||||||||||||||
Gross written premiums
|
$ | 79,924 | $ | 45,801 | $ | 31,500 | $ | (1 | ) | $ | 157,224 | |||||||||
Net earned premiums
|
57,079 | 29,971 | 26,469 | (1 | ) | 113,518 | ||||||||||||||
Fee & other income
|
- | 1,630 | - | 44 | 1,674 | |||||||||||||||
Losses & loss adjustment expenses
|
35,638 | 21,844 | 24,647 | - | 82,129 | |||||||||||||||
Acquisition & other underwriting expenses
|
26,326 | 12,461 | 7,211 | (420 | ) | 45,578 | ||||||||||||||
Underwriting profit (loss)
|
(4,885 | ) | (2,704 | ) | (5,389 | ) | 463 | (12,515 | ) | |||||||||||
Net investment income
|
9,896 | 2,352 | 2,935 | 303 | 15,486 | |||||||||||||||
Pre-tax operating income (loss)
|
5,011 | (352 | ) | (2,454 | ) | 766 | 2,971 | |||||||||||||
Net realized gains
|
11,302 | |||||||||||||||||||
Interest and corporate expenses
|
2,378 | |||||||||||||||||||
Earnings before income taxes
|
11,895 | |||||||||||||||||||
Income tax benefit
|
(581 | ) | ||||||||||||||||||
Net earnings
|
$ | 12,476 | ||||||||||||||||||
Less: Net earnings attributable to the non-controlling interest
|
523 | |||||||||||||||||||
Net earnings attributable to ASIH, Ltd.
|
$ | 11,953 | ||||||||||||||||||
Loss ratio
|
62.4 | % | 72.9 | % | 93.1 | % |
NM
|
72.3 | % | |||||||||||
Expense ratio
|
46.1 | % | 36.1 | % | 27.2 | % |
NM
|
38.7 | % | |||||||||||
Combined ratio
|
108.5 | % | 109.0 | % | 120.3 | % |
NM
|
111.0 | % |
Six Months Ended June 30, 2010
|
||||||||||||||||||||
Insurance
|
Other
|
|||||||||||||||||||
E&S
|
ART
|
Reinsurance
|
Run-off
|
Total
|
||||||||||||||||
Gross written premiums
|
$ | 66,106 | $ | 42,119 | $ | 23,670 | $ | - | $ | 131,895 | ||||||||||
Net earned premiums
|
46,394 | 24,064 | 19,750 | - | 90,208 | |||||||||||||||
Fee & other income
|
349 | 1,704 | 171 | 54 | 2,278 | |||||||||||||||
Losses & loss adjustment expenses
|
26,883 | 14,894 | 12,876 | (1 | ) | 54,652 | ||||||||||||||
Acquisition & other underwriting expenses
|
23,428 | 8,424 | 5,971 | 678 | 38,501 | |||||||||||||||
Underwriting profit (loss)
|
(3,568 | ) | 2,450 | 1,074 | (623 | ) | (667 | ) | ||||||||||||
Net investment income
|
10,834 | 2,268 | 2,266 | 466 | 15,834 | |||||||||||||||
Pre-tax operating income (loss)
|
7,266 | 4,718 | 3,340 | (157 | ) | 15,167 | ||||||||||||||
Net realized gains
|
1,520 | |||||||||||||||||||
Interest and corporate expenses
|
2,910 | |||||||||||||||||||
Earnings before income taxes
|
13,777 | |||||||||||||||||||
Income tax expense
|
851 | |||||||||||||||||||
Net earnings
|
$ | 12,926 | ||||||||||||||||||
Less: Net earnings attributable to the non-controlling interest
|
256 | |||||||||||||||||||
Net earnings attributable to ASIH, Ltd.
|
$ | 12,670 | ||||||||||||||||||
Loss ratio
|
57.9 | % | 61.9 | % | 65.2 | % |
NM
|
60.6 | % | |||||||||||
Expense ratio
|
49.8 | % | 27.9 | % | 29.4 | % |
NM
|
40.2 | % | |||||||||||
Combined ratio
|
107.7 | % | 89.8 | % | 94.6 | % |
NM
|
100.8 | % |
`M1?K=6N/^!?X51\+>(Y-&N$M+IRVGRMC+?\`+$GO]/7_ M`#D&>GT4=:*0!1110`57O[V#3=/N+VY;;#!&TCGV`S5BO*_C-XB^S:=;Z!`Y M$ESB:?':,'Y1^+#/_`:3=CIPF'>(K1IKK^1R(CJ=J+V6U-H9D$P$(!V9&[![<9KC=#T*\U^YN(+- ``HRSL>BJ.Y->%Z MY\:_$=_.PTH0Z;;_`,(""20CW+#'Y`5F_$+Q7-X@MM`M]Y,5O8(T@_O3'*N? M_'?YURFCVMG>ZQ:6U_=_8[260++<;<^6OK7LX7#P5/GFKW/SK%3G"JZ6UG8Z M)?BEXU1@PUV7(]88R/R*UZ5X?\?:]<_##7?$.HRP&:U;R;618@N7(4`D=#RZ M]NQJA+\#M,O[07&B>(S(C#*.Z+*C?\"4C^M4_'6FR>"_A-I7AR66)[JXO&DF M>(DJX!9N,@'O'^5*3H5&HP6M^Q$54A=R>ECF_P#AIZQ,LLT\TGELL80!%.W&![AJ^6Z^N?"&G?V3X/TBQ*[6BM4WC M_:(RWZDTL;"$()12396&E*4G=FU6/HW_`"%?$/\`V$$_])8*V*Q]&_Y"OB'_ M`+""?^DL%>8=AL445P\_Q;\'V]Q)!+J$HDC8HP^S2'!!P>U5&$I_"KDRDH[L MZK6=072M(N;TX)B3*@]V/`'YD5Y=91/,S2RDM+(2SL>I)ZUT_B_5H=3\+Z;< M6AD^SWLJR*70J60`D<'GG@U@V9"`&E:P[W.IL-;EL]*-L(%,D8Q$P&!^(_SF MC0-5U.YUDV]Q+YT+(6;*@;/0\#\/QK-L8;G4YO(M5X'WY#]U!_GM71O+IGA6 MQW2/F5_^^Y3_`(?H*`,WQ4BMK>EA1\[L%;'7&X8_F:UO$(UHVL(T4A9O,_>$ M[/NX/][WQ7'7.J2WUZ+]W"RJP,8'(3!R!5^Y\::C`HC%K;K*H^?S`W/X9&*! MD-Y?>,M.3S+N1EB'5UCB8#ZX''XUR[1JT9'8UZ?X>UC_`(2#2I)9K=497,4B M]5;@'C/;!Z5YS=PK;ZA=VZ9V13/&N?0,10([KP3J;7VB_9YFW36C>62>I7^$ M_EQ^%=+7G?@28Q>(+J#G;+;[L>I5AC]":MR_%SP?#*\4M].DB,596M9`01U! MXJHPE+X5<3DH[L[FBLNU\0Z;>V<%U!,S0S1K(A*$94C(_0T4N5]AW1?N;B*T MM9;F=PD,2%W<]%4#)->$-X8U3XE:I>ZY9:KI9,DG-O)+()($Z*K+L/8#D<$Y MKL_C#XC.G:%%H\#XGOSF3!Y$0Z_F<#Z`UY;X#M]1NO&6GQ:9<26\IDS)+'_# M&.6SV(P.AX)Q6;>MCZ/+,-.GAI8E.SZ7[+_/]#V?X>^"9/"&GW0O9()KVY<; MVA)*A!T`)`/ :]>O_ M`!%H^F7]O8WNHP07-P<1QNW)^OI]3C->9?':758;'3?)NI%TN8M'-$G`,@P5 MW'OD9X_V:UI4E4FH7/+>9XK#RE7ZR\MS@5\&3:YI]Z=%NK?4KW2Y`LT=J6(E MB;D-'N`+$,&!XYR,9[\=-!+;3/#/$\4J'#(ZE64^A!Z5K>%_$^H>$]934=/9 M2V-DD3_=E0]5-;?CSX@#QNEF#H\-D]ODF42>8[9[9VC"]\KZ.+ M5]UL+!;A,]09>>?^`A:\WAADN)XX(4:261@B(HR68G``K0\0;UUJ:W=@S6BI M:$@\$Q*(SCVRN:ITXNHI]3)3?(X]!?#>G?VOXFTS3RN5N+F-&'^R6&[],U]? MU\W?!C3OMOC^*X(RME!)-^)&P?\`H?Z5](UY^/E>:CV.K"JT6PK'T;_D*^(? M^P@G_I+!6Q6/HW_(5\0_]A!/_26"N`ZC8KY"NGM8_%=P]]')+:K>N98XSAG4 M.<@'MGIFOKVO+_B=X/\`#VG^!=6U.TTFWAO5:-A,H.X%I4!/X@G\Z[,'54)< MKZZ'/B(.2NNAS^K_`!5T;6+:WB?1-1ABMOG01.@`&,#MTJD/'^BQA5.D:N-P MRN73GZ<53;XIK;0P/8V,S7<5LD`>XN&V?*1@;4*C`P>!@-GD<4MQ\3K>X$:! M-3MP+981+;3A)8MI0G83D`-LYP!VZXKH^KQ_D_$R]L_YOP.GL_C7I-A:);P^ M'[U411D[UYSW/UJ<_&VPERQ\-7SXX)RIQCMTKA_^$_TLV$UI)I4\OVNWAAN) MI)07'DQ*L97CG#@L '[XF`,Z('7#9QR>.0,4M[\7_# M^IE&NO"]U*<':V\`D#KR.HKC]/\`B!%:>,[[67MK@6 "V@<1^5"&4J@( MQM&%_A(Y.>>0;<7Q'L/+CBFL;XPM$(F@\]6CMU%N\.8`1\I;?N.??K0\-%?8 M_$%6E_-^!UMG\:=)M8$M[/PU>)&!E41E_/WKGG\>:*TSM)I6L&1R7;+ID]R> ME8\?C?3K`63Z9;:C%-;>1$9&G4$PQNS$?*!RP;:>V,^M6[/XE1QQ@7*:EYWF M^8;F"Y"RD"5G$98@Y0A@"/\`9'6AX:/2'XA[:7\WX&MI/Q,T72=1^V0Z1JDC MF/RPK.F,,>.@]JX/QIK.G^(/$MQJFGV )KO4C#;")FV0*9Q\L M8X7_`!/N33_#_@GQEX9M;MM-M+)=1N1Y?VIYP?*CZX48ZD]SZ"O9**PL>O\` MVK6]FJ5ERKI;M\SP"X^%/C&[N'N+CR)II#N>22YW,Q]236Y-X/\`'%[X/G\. MZC#;7<`VO:2M<#S('4\#)ZJ1E>>F>.F*]CHJH-PDI+H3B,RJXBFZ52*:]/RU M/F";X3^-8<_\24N,XREQ$<_ANS5RP^#7C"[<">UM[)<_>GN%/'T3<:^DZ*[' MCZMMD>+]5@>?^#_A;I_A+.H.PU'5U4^5)(-J1G'\(YP>VX_ABO,)/@WXRFE> M22.T9W8LQ-P.2>O:OH^BLX8NI%M[MERH0:2/-OA3X%U+PB=3GU9(1/<>6D?E MONPHR3^9(_*O2:**QJ5'4ES2-(14%9!6/HW_`"%?$/\`V$$_])8*V*KVUE%: MSW [==2B:3)XW!%3CVP@_6H*+%%%%`!7"^*9]:T:_^T0WLYL)C\O.?*;^Z M?;TKNJCN+>*ZMW@GC62*0;65AP10!YHGB/5#UOI?SK4M+O6[N".6/4/DD<1C M+\[R>G3\?I5;6/!=Y8.TVEYN;;KY)/SI]/[W\ZP8M2N+)Q%O>!XY!)L=<%6' M?FF(ZF2?78UN#]L8B`J'YQR?8C/&1GZU),/$,(E+7W^J0N<, QYZ5 MS9UZ\;_EZPISE5``.1@Y`Q3'\0WA9B;MF9P5)`!)R2?3W/YT`7&\1:KVOI M?SJ;2]0U_6M12SMK^=5',LO:-?\`'TJ#2_"^J:NP9XVL[8]9)1AB/]E>O]*] M$TO2;31[,6UI'M7JS'EG/J30!<5=J*N2<#&2 6/7Z5U^D:?96]K'+#9V\