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): July 2, 2012
AMERICAN SAFETY INSURANCE HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
Bermuda | 001-04795 | 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 8.01 | Other Events |
On July 2, 2012, American Safety Holdings Corp., a wholly-owned subsidiary of the Registrant, completed the acquisition of 100% of the capital stock of Bluestone Agency, Inc., an Arizona corporation, and its wholly-owned subsidiary, Bluestone Surety, Ltd., an exempted company incorporated under the laws of the Cayman Islands. The stock of Bluestone was purchased from Pearlstein Associates, LLP, a South Carolina limited liability company. Terms of the purchase were not disclosed.
The Registrant issued a press release concerning the acquisition on July 2, 2012, a copy of which 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 July 2, 2012. |
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: July 2, 2012 | By: | /s/ Stephen R. Crim | ||||
Stephen R. Crim | ||||||
President/CEO |
Exhibit 99.1
American Safety Insurance Holdings, Ltd. (NYSE:ASI)
Completes the Acquisition of Bluestone Agency, Inc.
Hamilton, BERMUDA (July 2, 2012)American Safety Insurance Holdings, Ltd. (NYSE: ASI) today announced that it has completed the acquisition, for cash, of Bluestone Agency, Inc., a privately held agency that focuses primarily on transactional commercial surety, and its Cayman insurance subsidiary, Bluestone Surety, Ltd. Headquartered in Charleston, South Carolina, Bluestone offers a common sense underwriting philosophy and best-in-class technologies for the underwriting, management and distribution of contract and commercial risks. In 2011, Bluestone wrote approximately $16,000,000 in premium, primarily composed of low limit transactional commercial surety premium.
We are excited to have David Pearlstein and the rest of the Bluestone team join the ASI family. We have added a talented team of professionals with significant experience in the surety market furthering our strategic objective of growing our surety product offerings, said Joseph D. Scollo, Jr., ASIs President and Chief Operating Officer. The acquisition significantly expands our footprint in the commercial surety space providing a good balance to our existing contract surety business.
David Pearlstein added, We are excited to join the ASI team. The combination of Bluestone with ASIs existing surety capabilities will provide for a powerful product offering in the market. We believe the acquisition will open up additional distribution channels for us in the surety space allowing us to execute on growth opportunities we currently see in the marketplace.
FBR Capital Markets & Co. and Locke Lord LLP served as financial advisor and outside legal counsel, respectively, to Bluestone in connection with the transaction.
This press release contains forward-looking statements. These forward-looking statements reflect the Companys current views with respect to future events and financial performance. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various factors. For additional factors, which could influence the results of the Companys operating and financial performance, see the Companys filings with the Securities and Exchange Commission.
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, CPA, CPCU | |
scrim@amsafety.bm | patrick.driscoll@amsafety.com | |
(441) 296-8560 | (770) 916-1908 |
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