Bermuda | 001-14795 | Not applicable | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
The Boyle Building, 2nd Floor 31 Queen Street Hamilton, Bermuda |
HM 11 |
|
(Address of principal executive offices) | (Zip Code) |
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 Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. The following exhibit is being furnished herewith: |
Exhibit No. | Description | |||
99.1 | Press Release of American Safety Insurance Holdings, Ltd. issued
November 2, 2011 announcing financial results for the quarter ended September 30,
2011. |
AMERICAN SAFETY INSURANCE HOLDINGS, LTD. | ||||||
Registrant | ||||||
Date: November 2, 2011
|
By: | /s/ Stephen R. Crim
|
||||
President/CEO |
| Gross written premiums increased 1.8% to $73.2 million |
| Net earned premiums increased 10.8% to $59.0 million |
| The combined ratio was 101.3% compared to 98.3% |
| Operating cash flow was $17.2 million compared to $17.0 million |
| Book value was $31.31 per diluted share versus $29.00 at December 31, 2010 |
| Annualized return on average equity (exclusive of realized and unrealized gains
from investments) was 8.0% |
1 | All comparisons are with the same period last year unless stated otherwise. |
Contacts: |
||
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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
INCOME STATEMENT DATA: |
||||||||||||||||
Revenues: |
||||||||||||||||
Direct earned premiums |
$ | 62,498 | $ | 55,941 | $ | 180,955 | $ | 172,659 | ||||||||
Assumed earned premiums |
12,287 | 10,861 | 37,422 | 29,151 | ||||||||||||
Ceded earned premiums |
(15,793 | ) | (13,582 | ) | (45,866 | ) | (58,382 | ) | ||||||||
Net earned premiums |
58,992 | 53,220 | 172,511 | 143,428 | ||||||||||||
Net investment income |
8,196 | 8,265 | 23,682 | 24,099 | ||||||||||||
Net realized gains |
10 | 560 | 11,311 | 2,080 | ||||||||||||
Fee income |
843 | 1,474 | 2,494 | 3,722 | ||||||||||||
Other income |
12 | (260 | ) | 35 | (230 | ) | ||||||||||
Total revenues |
68,053 | 63,259 | 210,033 | 173,099 | ||||||||||||
Expenses: |
||||||||||||||||
Losses and loss adjustment expenses |
35,867 | 31,378 | 117,997 | 86,030 | ||||||||||||
Acquisition expenses |
13,800 | 12,393 | 39,008 | 31,218 | ||||||||||||
Other underwriting expenses |
10,941 | 9,996 | 31,309 | 29,672 | ||||||||||||
Interest expense |
375 | 586 | 1,116 | 2,030 | ||||||||||||
Corporate and other expenses |
173 | 965 | 1,811 | 2,431 | ||||||||||||
Total expenses |
61,156 | 55,318 | 191,241 | 151,381 | ||||||||||||
Earnings before income taxes |
6,897 | 7,941 | 18,792 | 21,718 | ||||||||||||
Income tax expense |
1,169 | 635 | 588 | 1,486 | ||||||||||||
Net earnings |
5,728 | 7,306 | 18,204 | 20,232 | ||||||||||||
Less: Net earnings attributable
to the non-controlling interest |
(69 | ) | 104 | 454 | 360 | |||||||||||
Net earnings attributable to ASIH, Ltd. |
$ | 5,797 | $ | 7,202 | $ | 17,750 | $ | 19,872 | ||||||||
Net earnings per share: |
||||||||||||||||
Basic |
$ | 0.56 | $ | 0.70 | $ | 1.70 | $ | 1.93 | ||||||||
Diluted |
$ | 0.54 | $ | 0.68 | $ | 1.65 | $ | 1.87 | ||||||||
Weighted average number of shares outstanding: |
||||||||||||||||
Basic |
10,377,890 | 10,271,184 | 10,416,979 | 10,282,976 | ||||||||||||
Diluted |
10,701,959 | 10,612,281 | 10,751,312 | 10,615,548 | ||||||||||||
Loss ratio |
60.8 | % | 59.0 | % | 68.4 | % | 60.0 | % | ||||||||
Expense ratio |
40.5 | % | 39.3 | % | 39.3 | % | 39.8 | % | ||||||||
Combined ratio |
101.3 | % | 98.3 | % | 107.7 | % | 99.8 | % | ||||||||
Net operating earnings: |
||||||||||||||||
Net earnings attributable to ASIH, Ltd. |
$ | 5,797 | $ | 7,202 | $ | 17,750 | $ | 19,872 | ||||||||
Less: Realized investment gains,
net of taxes |
(7 | ) | 487 | 11,199 | 1,660 | |||||||||||
Net operating earnings |
$ | 5,804 | $ | 6,715 | $ | 6,551 | $ | 18,212 | ||||||||
At | ||||||||
9/30/2011 | 12/31/2010 | |||||||
(unaudited) | ||||||||
BALANCE SHEET DATA: |
||||||||
Total investments |
$ | 881,088 | $ | 818,450 | ||||
Total assets |
1,277,399 | 1,221,253 | ||||||
Unpaid losses and loss adjustment expenses |
666,392 | 649,641 | ||||||
Total liabilities |
937,450 | 902,719 | ||||||
Total shareholders equity |
339,949 | 318,534 | ||||||
Book value per share-diluted |
$ | 31.31 | $ | 29.00 |
Three Months Ended September 30, 2011 | ||||||||||||||||||||
Insurance | Other | |||||||||||||||||||
E&S | ART | Reinsurance | Run-off | Total | ||||||||||||||||
Gross written premiums |
$ | 39,782 | $ | 18,952 | $ | 14,512 | $ | | $ | 73,246 | ||||||||||
Net written premiums |
31,621 | 14,040 | 14,559 | | 60,220 | |||||||||||||||
Net earned premiums |
30,752 | 15,552 | 12,688 | | 58,992 | |||||||||||||||
Fee & other income |
(8 | ) | 806 | | 57 | 855 | ||||||||||||||
Losses & loss adjustment expenses |
19,019 | 8,466 | 8,382 | | 35,867 | |||||||||||||||
Acquisition & other underwriting expenses |
13,326 | 6,610 | 4,517 | 288 | 24,741 | |||||||||||||||
Underwriting profit (loss) |
(1,601 | ) | 1,282 | (211 | ) | (231 | ) | (761 | ) | |||||||||||
Net investment income |
5,280 | 1,186 | 1,593 | 137 | 8,196 | |||||||||||||||
Pre-tax operating income (loss) |
3,679 | 2,468 | 1,382 | (94 | ) | 7,435 | ||||||||||||||
Net realized gains |
10 | |||||||||||||||||||
Interest and corporate expenses |
548 | |||||||||||||||||||
Earnings before income taxes |
6,897 | |||||||||||||||||||
Income tax expense |
1,169 | |||||||||||||||||||
Net earnings |
$ | 5,728 | ||||||||||||||||||
Less: Net earnings attributable to the
non-controlling interest |
(69 | ) | ||||||||||||||||||
Net earnings attributable to ASIH, Ltd. |
$ | 5,797 | ||||||||||||||||||
Loss ratio |
61.8 | % | 54.4 | % | 66.1 | % | NM | 60.8 | % | |||||||||||
Expense ratio |
43.4 | % | 37.3 | % | 35.6 | % | NM | 40.5 | % | |||||||||||
Combined ratio |
105.2 | % | 91.8 | % | 101.6 | % | NM | 101.3 | % | |||||||||||
Three Months Ended September 30, 2010 | ||||||||||||||||||||
Insurance | Other | |||||||||||||||||||
E&S | ART | Reinsurance | Run-off | Total | ||||||||||||||||
Gross written premiums |
$ | 34,121 | $ | 24,847 | $ | 12,971 | $ | (6 | ) | $ | 71,933 | |||||||||
Net written premiums |
27,423 | 17,063 | 12,258 | (6 | ) | 56,738 | ||||||||||||||
Net earned premiums |
26,347 | 15,114 | 11,765 | (6 | ) | 53,220 | ||||||||||||||
Fee & other income |
43 | 1,150 | 57 | (36 | ) | 1,214 | ||||||||||||||
Losses & loss adjustment expenses |
15,094 | 8,033 | 8,258 | (7 | ) | 31,378 | ||||||||||||||
Acquisition & other underwriting expenses |
12,414 | 6,345 | 3,326 | 304 | 22,389 | |||||||||||||||
Underwriting profit (loss) |
(1,118 | ) | 1,886 | 239 | (340 | ) | 667 | |||||||||||||
Net investment income |
5,286 | 1,366 | 1,486 | 127 | 8,265 | |||||||||||||||
Pre-tax operating income (loss) |
4,168 | 3,252 | 1,725 | (213 | ) | 8,932 | ||||||||||||||
Net realized gains |
560 | |||||||||||||||||||
Interest and corporate expenses |
1,551 | |||||||||||||||||||
Earnings before income taxes |
7,941 | |||||||||||||||||||
Income tax expense |
635 | |||||||||||||||||||
Net earnings |
$ | 7,306 | ||||||||||||||||||
Less: Net earnings attributable to the
non-controlling interest |
104 | |||||||||||||||||||
Net earnings attributable to ASIH, Ltd. |
$ | 7,202 | ||||||||||||||||||
Loss ratio |
57.3 | % | 53.1 | % | 70.2 | % | NM | 59.0 | % | |||||||||||
Expense ratio |
46.1 | % | 34.4 | % | 27.8 | % | NM | 39.3 | % | |||||||||||
Combined ratio |
103.4 | % | 87.5 | % | 98.0 | % | NM | 98.3 | % | |||||||||||
Nine Months Ended September 30, 2011 | ||||||||||||||||||||
Insurance | Other | |||||||||||||||||||
E&S | ART | Reinsurance | Run-off | Total | ||||||||||||||||
Gross written premiums |
$ | 119,706 | $ | 64,753 | $ | 46,012 | $ | (1 | ) | $ | 230,470 | |||||||||
Net written premiums |
95,636 | 46,086 | 44,925 | (1 | ) | 186,646 | ||||||||||||||
Net earned premiums |
87,831 | 45,523 | 39,158 | (1 | ) | 172,511 | ||||||||||||||
Fee & other income |
(8 | ) | 2,436 | | 101 | 2,529 | ||||||||||||||
Losses & loss adjustment expenses |
54,657 | 30,310 | 33,030 | | 117,997 | |||||||||||||||
Acquisition & other underwriting
expenses |
39,652 | 19,071 | 11,726 | (132 | ) | 70,317 | ||||||||||||||
Underwriting profit (loss) |
(6,486 | ) | (1,422 | ) | (5,598 | ) | 232 | (13,274 | ) | |||||||||||
Net investment income |
15,176 | 3,538 | 4,528 | 440 | 23,682 | |||||||||||||||
Pre-tax operating income (loss) |
8,690 | 2,116 | (1,070 | ) | 672 | 10,408 | ||||||||||||||
Net realized gains |
11,311 | |||||||||||||||||||
Interest and corporate expenses |
2,927 | |||||||||||||||||||
Earnings before income taxes |
18,792 | |||||||||||||||||||
Income tax expense |
588 | |||||||||||||||||||
Net earnings |
$ | 18,204 | ||||||||||||||||||
Less: Net earnings attributable to the
non-controlling interest |
454 | |||||||||||||||||||
Net earnings attributable to ASIH, Ltd. |
$ | 17,750 | ||||||||||||||||||
Loss ratio |
62.2 | % | 66.6 | % | 84.4 | % | NM | 68.4 | % | |||||||||||
Expense ratio |
45.2 | % | 36.5 | % | 29.9 | % | NM | 39.3 | % | |||||||||||
Combined ratio |
107.4 | % | 103.1 | % | 114.3 | % | NM | 107.7 | % | |||||||||||
Nine Months Ended September 30, 2010 | ||||||||||||||||||||
Insurance | Other | |||||||||||||||||||
E&S | ART | Reinsurance | Run-off | Total | ||||||||||||||||
Gross written premiums |
$ | 100,227 | $ | 66,966 | $ | 36,641 | $ | (6 | ) | $ | 203,828 | |||||||||
Net written premiums |
81,251 | 48,501 | 33,539 | (6 | ) | 163,285 | ||||||||||||||
Net earned premiums |
72,741 | 39,178 | 31,515 | (6 | ) | 143,428 | ||||||||||||||
Fee & other income |
392 | 2,854 | 228 | 18 | 3,492 | |||||||||||||||
Losses & loss adjustment expenses |
41,977 | 22,927 | 21,132 | (6 | ) | 86,030 | ||||||||||||||
Acquisition & other underwriting expenses |
35,842 | 14,769 | 9,297 | 982 | 60,890 | |||||||||||||||
Underwriting profit (loss) |
(4,686 | ) | 4,336 | 1,314 | (964 | ) | | |||||||||||||
Net investment income |
16,120 | 3,634 | 3,753 | 592 | 24,099 | |||||||||||||||
Pre-tax operating income (loss) |
11,434 | 7,970 | 5,067 | (372 | ) | 24,099 | ||||||||||||||
Net realized gains |
2,080 | |||||||||||||||||||
Interest and corporate expenses |
4,461 | |||||||||||||||||||
Earnings before income taxes |
21,718 | |||||||||||||||||||
Income tax expense |
1,486 | |||||||||||||||||||
Net earnings |
$ | 20,232 | ||||||||||||||||||
Less: Net earnings attributable to the
non-controlling interest |
360 | |||||||||||||||||||
Net earnings attributable to ASIH, Ltd. |
$ | 19,872 | ||||||||||||||||||
Loss ratio |
57.7 | % | 58.5 | % | 67.1 | % | NM | 60.0 | % | |||||||||||
Expense ratio |
48.4 | % | 30.4 | % | 28.8 | % | NM | 39.8 | % | |||||||||||
Combined ratio |
106.1 | % | 88.9 | % | 95.8 | % | NM | 99.8 | % | |||||||||||
@/,PP5'>J1%<`;5-DZ;8`"/J5]C,`-!P`;0239?0`%B,)=\-U