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): February 21, 2012
AMERICAN SAFETY INSURANCE HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
Bermuda | 001-14795 | Not applicable | ||
(State or Other Jurisdiction of Incorporation or Organization) |
(Commission File Number) |
(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
(Registrants 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):
¨ | 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)) |
Item 2.02. | Results of Operations and Financial Condition |
On February 21, 2012, the Registrant issued a press release providing an estimate of losses to be included in its fourth quarter 2011 results.
A copy of the press release is attached as Exhibit 99.1 and is hereby incorporated herein by reference.
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 February 21, 2012 providing an estimate of losses to be included in its results for the fourth quarter ended December 31, 2011. |
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: February 21, 2012 |
By: | /s/ Stephen R. Crim | ||
Stephen R. Crim | ||||
President/CEO |
Exhibit 99.1
American Safety Insurance Holdings, Ltd.
Provides Outlook on Fourth Quarter 2011 Results
Hamilton, Bermuda (February 21, 2012) - American Safety Insurance Holdings, Ltd. (NYSE: ASI) today announced that the Companys 2011 fourth quarter results will reflect after-tax losses attributable to catastrophes and reserve strengthening of approximately $12.0 million in the aggregate, or $1.16 per share. Catastrophe losses within the Assumed Reinsurance division attributable to the Thailand flooding and revised estimates for the New Zealand and Japanese earthquakes are expected to be approximately $4.0 million after tax. The remainder is attributable to casualty reserve strengthening in the Assumed Reinsurance division and the ART division, offset partially by favorable reserve development in the E&S division.
The Companys catastrophe losses in the Assumed Reinsurance division relate to a reinsurance treaty that is exposed to world-wide catastrophes. The estimated losses are based upon information currently available and are derived from modeling techniques, industry estimates and preliminary claims information.
The casualty reserve strengthening in the Assumed Reinsurance division was primarily attributable to a professional liability contract the Company cancelled in July 2010. The reserve strengthening in the ART division resulted primarily from one casualty program that was terminated in May 2011.
As a result of these events, the Company expects to report an after tax loss for the fourth quarter of approximately $7.0 million, or $0.68 per share. The Company expects fully diluted book value per share to be approximately $30.75 at December 31, 2011, or an increase of 6.0% compared to December 31, 2010. ASI is scheduled to release fourth quarter and full year 2011 results following the market close on Tuesday, March 6, 2012, with a subsequent dial-in analyst conference call on Wednesday, March 7, 2012, at 9:00 a.m. Eastern.
This press release contains forward-looking statements. The forward-looking statements reflect the Companys current views with respect to future events and financial performance, including catastrophe and other losses. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, including developments in loss trends and adequacy and changes in loss reserves and actuarial assumptions.
About Us:
For 25 years, American Safety Insurance Holdings, Ltd. (NYSE:ASI), a Bermuda holding company, has offered innovative 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, American Safety Risk Retention Group, Inc. and American Safety Assurance (Vermont), Inc. As a group, ASIs insurance subsidiaries and affiliates are rated A (Excellent) IX by A.M. Best. For additional information, please visit www.asih.bm.
Contacts:
American Safety Insurance Holdings, Ltd. | American Safety Administrative Services, Inc. | |
Investor Relations | Media Relations | |
Stephen R. Crim | Patrick Driscoll | |
scrim@amsafety.bm | patrick.driscoll@amsafety.com | |
(441) 296-8560 | (770) 916-1908 |