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American Safety Insurance Holdings Ltd. (ASI) filed Quarterly Report for the period ended 2011-09-30.
American Safety Insurance Holdings Ltd. has a market cap of $226.9 million; its shares were traded at around $21.84 with a P/E ratio of 13.9 and P/S ratio of 0.9.
This is the annual revenues and earnings per share of ASI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ASI.
Highlight of Business Operations:
Gross written premiums increased 2% to $73.2 million from $71.9 million for the three months ended September 30, 2011 and 2010, respectively. The growth in the E&S division to $39.8 million from $34.1 million was attributable to increased production across all product lines but driven primarily by newer products such as excess, professional liability, property and healthcare. The ART division’s gross written premiums declined by $5.9 million due to the non-renewal of programs as a result of not meeting profitability or production targets or program managers decision to move business to other carriers. The growth in Assumed Reinsurance from $13.0 million to $14.5 million was a result of growth in targeted classes of business.Income tax expense for the three months ended September 30, 2011, was $1.2 million compared to $0.6 million of expenses for the same period of 2010. The increase in expense is due to the distribution of earnings between the United States and Bermuda. For the three months ended September 30, 2011 the U.S. operations generated a higher proportion of earnings as compared the same quarter in 2010.
Gross written premiums increased 13.1% to $230.5 million from $203.8 million for the nine months ended September 30, 2011 and 2010, respectively. The growth in the E&S division to $119.7 million from $100.2 million was attributable to increased production across all product lines but driven primarily by newer products such as excess, professional liability, property and healthcare. The ART division’s gross written premiums declined by $2.2 million due to the non-renewal of programs as a result of not meeting profitability or production targets or program managers decision to move business to other carriers. The growth in Assumed Reinsurance from $36.6 million to $46.0 million was due to increases in targeted classes of business.
Net investment income is derived from the earnings of the investment portfolio net of investment expenses. Net investment income was $23.7 million for the nine months ended September 30, 2011, compared to $24.1 million for the same period of 2010 decreasing slightly as a result of lower yields. Average invested assets increased to $849.8 million at September 30, 2011, as compared to $778.2 million for the same period of 2010. The pretax investment yield for the nine months was 3.7% and 4.1% respectively for 2011 and 2010.
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