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Segment Information (Tables)

6 Months Ended

Jun. 30, 2012


	Three Months Ended June 30, 2012
	Insurance									Other
	E&S			ART			Reinsurance			Run-off			Total
Gross written premiums	$	50,448		$	21,498		$	15,603		$	—		$	87,549
Net written premiums		39,735			14,579			15,603			—			69,917
Net earned premiums		33,600			13,157			15,260			—			62,017
Fee & other income		—			738			—			(9	)		729
Losses & loss adjustment expenses		20,221			11,875			8,751			(28	)		40,819
Acquisition & other underwriting expenses***		15,140			5,865			4,471			874			26,350

Underwriting profit (loss)		(1,761	)		(3,845	)		2,038			(855	)		(4,423	)
Net investment income		4,285			1,348			1,595			174			7,402

Pre-tax operating income (loss)		2,524			(2,497	)		3,633			(681	)		2,979
Net realized losses		—			—			—			—			(13	)
Interest and corporate expenses****		—			—			—			—			1,215

Earnings before income taxes		—			—			—			—			1,751
Income tax benefit		—			—			—			—			(234	)

Net earnings		—			—			—			—		$	1,985
Less: Net losses attributable to the non-controlling interest		—			—			—			—			(182	)

Net earnings attributable to ASIH, Ltd.		—			—			—			—		$	2,167

Loss ratio		60.2	%		90.3	%		57.3	%		*NM			65.8	%
Expense ratio		45.1	%		39.0	%		29.3	%		NM			41.3	%

Combined ratio**		105.3	%		129.3	%		86.6	%		NM			107.1	%


	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 written premiums		34,413			17,140			14,864			(1	)		66,416
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***		12,412			5,916			4,249			833			23,410

Underwriting profit (loss)		(1,217	)		(2,360	)		1,048			(802	)		(3,331	)
Net investment income		5,081			1,232			1,586			151			8,050

Pre-tax operating income (loss)		3,864			(1,128	)		2,634			(651	)		4,719
Net realized gains		—			—			—			—			194
Interest and corporate expenses****		—			—			—			—			1,380

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		42.7	%		33.0	%		29.4	%		NM			38.2	%

Combined ratio**		104.2	%		115.2	%		92.7	%		NM			105.6	%

*	NM = Ratio is not meaningful

**	The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses net of fee income to earned premiums.

***	Reclassifications between divisions and segments were made to allocate indirect corporate overhead costs.

****	Excise taxes have been classified as corporate expenses resulting in a reclassification of expenses for prior year.


	Six Months Ended June 30, 2012
	Insurance									Other
	E&S			ART			Reinsurance			Run-off			Total
Gross written premiums	$	89,059		$	42,676		$	29,579		$	—		$	161,314
Net written premiums		70,468			30,722			29,579			—			130,769
Net earned premiums		64,750			29,501			29,178			—			123,429
Fee & other income		—			1,402			—			8			1,410
Losses & loss adjustment expenses		39,138			21,862			17,100			—			78,100
Acquisition & other underwriting expenses***		29,057			12,253			8,801			1,734			51,845

Underwriting profit (loss)		(3,445	)		(3,212	)		3,277			(1,726	)		(5,106	)
Net investment income		8,910			2,778			3,216			310			15,214

Pre-tax operating income (loss)		5,465			(434	)		6,493			(1,416	)		10,108
Net realized gains		—			—			—			—			39
Interest and corporate expenses****		—			—			—			—			2,889

Earnings before income taxes		—			—			—			—			7,258
Income tax expense		—			—			—			—			872

Net earnings		—			—			—			—		$	6,386
Less: Net earnings attributable to the non-controlling interest		—			—			—			—			163

Net earnings attributable to ASIH, Ltd.		—			—			—			—		$	6,223

Loss ratio		60.4	%		74.1	%		58.6	%		*NM			63.3	%
Expense ratio		44.9	%		36.8	%		30.2	%		NM			40.9	%

Combined ratio**		105.3	%		110.9	%		88.8	%		NM			104.2	%


	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 written premiums		64,015			32,046			30,366			(1	)		126,426
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***		24,633			11,964			7,114			1,653			45,364

Underwriting profit (loss)		(3,192	)		(2,207	)		(5,292	)		(1,610	)		(12,301	)
Net investment income		9,896			2,352			2,935			303			15,486

Pre-tax operating income (loss)		6,704			145			(2,357	)		(1,307	)		3,185
Net realized gains		—			—			—			—			11,302
Interest and corporate expenses****		—			—			—			—			2,592

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		43.2	%		34.5	%		26.9	%		NM			38.5	%

Combined ratio**		105.6	%		107.4	%		120.0	%		NM			110.8	%

*	NM = Ratio is not meaningful

**	The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses net of fee income to earned premiums.

***	Reclassifications between divisions and segments were made to allocate indirect corporate overhead costs.

****	Excise taxes have been classified as corporate expenses resulting in a reclassification of expenses for prior year.

Financial data about the geographic locations


	United States			Bermuda		Total
June 30, 2012
Income tax benefit	$	(234	)	$	—	$	(234	)
Net (loss) earnings attributable to American Safety Insurance Holdings, Ltd.	$	(273	)	$	2,440	$	2,167

	United States			Bermuda		Total
June 30, 2011
Income tax benefit	$	(549	)	$	—	$	(549	)
Net (loss) earnings attributable to American Safety Insurance Holdings, Ltd.	$	(1,279	)	$	5,331	$	4,052

The following table provides financial data about the geographic locations for the six months ended June 30, 2012 and 2011 (dollars in thousands):


	United States			Bermuda		Total
June 30, 2012
Income tax expense	$	872		$	—	$	872
Net (loss) earnings attributable to American Safety Insurance Holdings, Ltd.	$	1,266		$	4,957	$	6,223
Assets	$	690,251		$	637,806	$	1,328,057
Equity	$	144,004		$	206,370	$	350,374

	United States			Bermuda		Total
June 30, 2011
Income tax benefit	$	(581	)	$	—	$	(581	)
Net (loss) earnings attributable to American Safety Insurance Holdings, Ltd.	$	(1,399	)	$	13,352	$	11,953
Assets	$	664,616		$	600,708	$	1,265,324
Equity	$	99,462		$	224,778	$	324,240

- Definition

Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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