American Safety Insurance Holdings, Ltd. Reports
Net Earnings of $6.9 Million for the Fourth
Quarter and $24.3 Million for the Year Ended
December 31, 2009
Book Value Per Share Increased 24.7% Year Over Year
March 03, 2010 04:33 PM Eastern Time
HAMILTON, Bermuda--(EON: Enhanced Online News)--American Safety Insurance Holdings, Ltd. (NYSE:ASI)
today reported net earnings of $6.9 million for the 2009 fourth quarter, compared to a net loss of $8.2 million for the
same period in 2008. Net earnings for the twelve months ended 2009 were $24.3 million, or $2.30 per diluted
share, compared to $0.3 million, or $0.03 per diluted share, for the same period of 2008.
Financial Highlights for the quarter and year included:
l Book value increased to $26.33 per outstanding share and $25.47 per diluted share, compared to $21.12
per outstanding share and $20.55 per diluted share, at December 31, 2009 and 2008, respectively.
l Return on average equity (adjusted for realized and unrealized gains and losses from investments) for 2009
increased to 10.8% from 6.6% in 2008.
l Total revenue quarter over quarter and year over year increased more than 6%.
l Gross premiums written decreased 9.6% for the quarter and 2.6% for the year.
l Net premiums written increased 1.0% for the quarter and decreased 8.4% for the year.
l Net investment income increased 3.4% for the quarter and 3.3% for the year.
l Cash flow from operations totaled $13.2 million for the quarter and $53.4 million for the year, compared to
$30.8 million and $101.0 million, respectively, for the same periods in 2008.
l The combined ratio improved to 99.2% for the quarter and 99.4% for the year compared to 115.4% and
106.0%, respectively, for the same periods in 2008.
Fourth Quarter Results
Pre-tax operating income increased to $9.0 million for the 2009 quarter as compared to $0.9 million for the same
quarter in 2008 due to improved underwriting results. The combined ratio for the 2009 quarter was 99.2% with
improvements in both the loss