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Segment Information (Tables)

6 Months Ended

Jun. 30, 2013

The following table presents key financial data by segment for the three months ended June 30, 2013 and 2012, respectively (dollars in thousands):

American Safety Insurance Holdings, Ltd. and Subsidiaries

Segment Data

(Unaudited) (Dollars in thousands)


	Three Months Ended June 30, 2013
	Insurance									Other
	E&S			ART			Reinsurance			Run-off			Total
Gross written premiums	$	52,063		$	16,156		$	15,641		$	—		$	83,860
Net written premiums		41,669			3,000			15,641			—			60,310
Net earned premiums		38,844			8,093			15,255			—			62,192
Fee & other income		(362	)		697			—			12			347
Losses & loss adjustment expenses		23,317			5,226			9,130			—			37,673
Acquisition & other underwriting expenses		17,275			3,528			4,623			770			26,196

Underwriting profit (loss)		(2,110	)		36			1,502			(758	)		(1,330	)
Net investment income		3,380			815			1,304			83			5,582

Pre-tax operating income (loss)		1,270			851			2,806			(675	)		4,252
Net realized gains														37,482
Interest and corporate expenses														1,013

Earnings before income taxes														40,721
Income tax expense														5,900

Net earnings													$	34,821
Less: Net earnings attributable to the non-controlling interest														10

Net earnings attributable to ASIH, Ltd.													$	34,811

Loss ratio		60.0	%		64.6	%		59.8	%		NM			60.6	%
Expense ratio		45.4	%		35.0	%		30.3	%		NM			41.6	%

Combined ratio⁽²⁾		105.4	%		99.6	%		90.1	%		⁽¹⁾ NM			102.2	%


	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 loss 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⁽²⁾		105.3	%		129.3	%		86.6	%		⁽¹⁾ NM			107.1	%

(1)	NM = Ratio is not meaningful

(2)	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.

The following table presents key financial data by segment for the six months ended June 30, 2013 and 2012, respectively (dollars in thousands):

American Safety Insurance Holdings, Ltd. and Subsidiaries

Segment Data

(Unaudited) (Dollars in thousands)


	Six Months Ended June 30, 2013
	Insurance									Other
	E&S			ART			Reinsurance			Run-off			Total
Gross written premiums	$	100,016		$	32,758		$	32,285		$	—		$	165,059
Net written premiums		79,215			12,879			32,285			—			124,379
Net earned premiums		75,385			19,255			29,476			—			124,116
Fee & other income		(30	)		1,468			—			149			1,587
Losses & loss adjustment expenses		45,344			12,619			17,673			—			75,636
Acquisition & other underwriting expenses		33,871			8,358			9,272			1,590			53,091

Underwriting profit (loss)		(3,860	)		(254	)		2,531			(1,441	)		(3,024	)
Net investment income		7,978			2,045			2,974			217			13,214

Pre-tax operating income (loss)		4,118			1,791			5,505			(1,224	)		10,190
Net realized gains														38,936
Interest and corporate expenses														2,148

Earnings before income taxes														46,978
Income tax expense														6,577

Net earnings													$	40,401
Less: Net earnings attributable to the non-controlling interest														98

Net earnings attributable to ASIH, Ltd.													$	40,303

Loss ratio		60.1	%		65.5	%		60.0	%		NM			60.9	%
Expense ratio		45.0	%		35.8	%		31.5	%		NM			41.5	%

Combined ratio⁽²⁾		105.1	%		101.3	%		91.5	%		⁽¹⁾ NM			102.4	%


	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⁽²⁾		105.3	%		110.9	%		88.8	%		⁽¹⁾ NM			104.2	%

(1)	NM = Ratio is not meaningful

(2)	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.

Financial data about the geographic locations

The following table provides financial data about the geographic locations for the three months ended June 30, 2013 and 2012 (dollars in thousands):


	United States			Bermuda		Total
June 30, 2013
Income tax expense	$	5,900		$	—	$	5,900
Net earnings attributable to American Safety Insurance Holdings, Ltd.	$	11,483		$	23,328	$	34,811

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

The following table provides financial data about the geographic locations for the six months ended June 30, 2013 and 2012 (dollars in thousands):


	United States		Bermuda		Total
June 30, 2013
Income tax expense	$	6,577	$	—	$	6,577
Net earnings attributable to American Safety Insurance Holdings, Ltd.	$	12,426	$	27,877	$	40,303
Assets	$	662,631	$	688,531	$	1,351,162
Equity	$	132,400	$	201,663	$	334,063

	United States		Bermuda		Total
June 30, 2012
Income tax expense	$	872	$	—	$	872
Net 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

- 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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