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Segment Information (Tables)

9 Months Ended

Sep. 30, 2012


	Three Months Ended September 30, 2012
	Insurance									Other
	E&S			ART			Reinsurance			Run-off			Total
Gross written premiums	$	49,192		$	16,146		$	13,807		$	—		$	79,145
Net written premiums		39,004			8,772			13,806			—			61,582
Net earned premiums		35,650			13,295			14,150			—			63,095
Fee & other income		294			915			—			54			1,263
Losses & loss adjustment expenses		20,979			10,423			8,887			—			40,289
Acquisition & other underwriting expenses***		16,812			6,280			4,303			972			28,367

Underwriting profit (loss)		(1,847	)		(2,493	)		960			(918	)		(4,298	)
Net investment income		4,452			1,030			1,745			137			7,364

Pre-tax operating income (loss)		2,605			(1,463	)		2,705			(781	)		3,066
Net realized gains		—			—			—			—			5,693
Interest and corporate expenses****		—			—			—			—			1,331

Earnings before income taxes		—			—			—			—			7,428
Income tax expense		—			—			—			—			1,350

Net earnings		—			—			—			—		$	6,078
Less: Net losses attributable to the non-controlling interest		—			—			—			—			(128	)

Net earnings attributable to ASIH, Ltd.		—			—			—			—		$	6,206

Loss ratio		58.8	%		78.4	%		62.8	%		NM			63.9	%
Expense ratio		46.3	%		40.4	%		30.4	%		NM			43.0	%

Combined ratio**		105.2	%		118.8	%		93.2	%		NM			106.9	%


	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***		12,778			6,464			4,491			895			24,628

Underwriting profit (loss)		(1,053	)		1,428			(185	)		(838	)		(648	)
Net investment income		5,280			1,186			1,593			137			8,196

Pre-tax operating income (loss)		4,227			2,614			1,408			(701	)		7,548
Net realized gains		—			—			—			—			10
Interest and corporate expenses****		—			—			—			—			661

Earnings before income taxes		—			—			—			—			6,897
Income tax expense		—			—			—			—			1,169

Net earnings		—			—			—			—		$	5,728
Less: Net losses 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		41.6	%		36.4	%		35.4	%		NM			40.3	%

Combined ratio**		103.4	%		90.8	%		101.5	%		NM			101.1	%

*	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 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.


	Nine Months Ended September 30, 2012
	Insurance									Other
	E&S			ART			Reinsurance			Run-off			Total
Gross written premiums	$	138,251		$	58,822		$	43,386		$	—		$	240,459
Net written premiums		109,472			39,494			43,385			—			192,351
Net earned premiums		100,400			42,796			43,328			—			186,524
Fee & other income		294			2,317			—			62			2,673
Losses & loss adjustment expenses		60,117			32,285			25,987			—			118,389
Acquisition & other underwriting expenses***		45,869			18,533			13,104			2,705			80,211

Underwriting profit (loss)		(5,292	)		(5,705	)		4,237			(2,643	)		(9,403	)
Net investment income		13,362			3,807			4,961			447			22,577

Pre-tax operating income (loss)		8,070			(1,898	)		9,198			(2,196	)		13,174
Net realized gains		—			—			—			—			5,732
Interest and corporate expenses****		—			—			—			—			4,220

Earnings before income taxes		—			—			—			—			14,686
Income tax expense		—			—			—			—			2,222

Net earnings		—			—			—			—		$	12,464
Less: Net earnings attributable to the non-controlling interest		—			—			—			—			35

Net earnings attributable to ASIH, Ltd.		—			—			—			—		$	12,429

Loss ratio		59.9	%		75.4	%		60.0	%		NM			63.5	%
Expense ratio		45.4	%		37.9	%		30.2	%		NM			41.6	%

Combined ratio**		105.3	%		113.3	%		90.2	%		NM			105.1	%


	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***		37,411			18,428			11,605			2,548			69,992

Underwriting profit (loss)		(4,245	)		(779	)		(5,477	)		(2,448	)		(12,949	)
Net investment income		15,176			3,538			4,528			440			23,682

Pre-tax operating income (loss)		10,931			2,759			(949	)		(2,008	)		10,733
Net realized gains		—			—			—			—			11,311
Interest and corporate expenses****		—			—			—			—			3,252

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		42.6	%		35.1	%		29.6	%		NM			39.1	%

Combined ratio**		104.8	%		101.7	%		114.0	%		NM			107.5	%

*	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 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
September 30, 2012
Income tax expense	$	1,350	$	—	$	1,350
Net (loss) earnings attributable to American Safety Insurance Holdings, Ltd.	$	2,702	$	3,504	$	6,206

	United States		Bermuda		Total
September 30, 2011
Income tax expense	$	1,169	$	—	$	1,169
Net (loss) earnings attributable to American Safety Insurance Holdings, Ltd.	$	2,198	$	3,599	$	5,797

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

	United States		Bermuda		Total
September 30, 2012
Income tax expense	$	2,222	$	—	$	2,222
Net (loss) earnings attributable to American Safety Insurance Holdings, Ltd.	$	3,968	$	8,461	$	12,429
Assets	$	680,844	$	687,744	$	1,368,588
Equity	$	138,576	$	210,673	$	349,249

	United States		Bermuda		Total
September 30, 2011
Income tax expense	$	588	$	—	$	588
Net (loss) earnings attributable to American Safety Insurance Holdings, Ltd.	$	799	$	16,951	$	17,750
Assets	$	664,526	$	612,873	$	1,277,399
Equity	$	111,130	$	228,819	$	339,949

- 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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