American Safety Insurance Holdings Ltd. (ASI, Financial) filed Quarterly Report for the period ended 2009-03-31.
American Safety Insurance Group Ltd. is a specialty insurance holding company which through its subsidiaries develops underwrites manages and markets primary casualty insurance and reinsurance programs in the alternative insurance market for environmental remediation risks employee leasing and staffing industry risks and other specialty risks. The Company develops specialty insurance coverages and custom-designed risk management programs not generally available in the standard insurancemarket. American Safety Insurance Holdings Ltd. has a market cap of $139.86 million; its shares were traded at around $13.56 with a P/E ratio of 9.69 and P/S ratio of 0.73. American Safety Insurance Holdings Ltd. had an annual average earning growth of 22.6% over the past 10 years.
Construction. Net premiums earned decreased 36.8% to $6.5 million for the three months ended March 31, 2009, compared to $10.4 million for the same period of 2008. The decline was primarily due to lower premium writings driven by reduced renewal retention rates in both its western and non-western states business as the Company continues to exercise underwriting discipline in a more competitive market, the effects of a slowing housing market and the impact of a softening insurance market.
Excess. Net premiums earned increased 141.9% to $0.4 million for the three months ended March 31, 2009, compared to $0.2 million for the same period of 2008 due to increased premium writings. The Company’s excess product offering is focused primarily in the construction and products liability areas.
Healthcare. Net premiums earned for the quarter ended March 31, 2009 were $2.3 million compared to $84 thousand for the same period of 2008, which included net premiums earned on business written subsequent to the acquisition effective date of February 8, 2008.
Fee income earned increased 28.3% to $0.9 million for the three months ended March 31, 2009 as compared to $0.7 million for the same period of 2008. The increase is primarily attributable to growth provided by our healthcare business.
Net investment income increased 6.3% to $7.8 million for the three months ended March 31, 2009 compared to $7.3 million for the same period of 2008. This increase was due an increase in invested assets partially offset by lower investment yields. Average invested assets increased to $680.5 million at March 31, 2009 from $611.0 million at March 31, 2008 due primarily to cash flow from operations. The average pre-tax and after-tax investment yields were 4.6% and 3.9% compared to 4.8% and 4.1% for the three months ended March 31, 2009 and 2008, respectively
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American Safety Insurance Group Ltd. is a specialty insurance holding company which through its subsidiaries develops underwrites manages and markets primary casualty insurance and reinsurance programs in the alternative insurance market for environmental remediation risks employee leasing and staffing industry risks and other specialty risks. The Company develops specialty insurance coverages and custom-designed risk management programs not generally available in the standard insurancemarket. American Safety Insurance Holdings Ltd. has a market cap of $139.86 million; its shares were traded at around $13.56 with a P/E ratio of 9.69 and P/S ratio of 0.73. American Safety Insurance Holdings Ltd. had an annual average earning growth of 22.6% over the past 10 years.
Highlight of Business Operations:
Environmental. Net premiums earned increased 4.0% to $8.9 million for the three months ended March 31, 2009, compared to $8.6 million for the same period of 2008. Net premiums written as well as premiums earned have increased as a result of increased retention. The Company cedes approximately 10% less to third parties under the Company’s core casualty treaty with an effective date of September 1, 2008.Construction. Net premiums earned decreased 36.8% to $6.5 million for the three months ended March 31, 2009, compared to $10.4 million for the same period of 2008. The decline was primarily due to lower premium writings driven by reduced renewal retention rates in both its western and non-western states business as the Company continues to exercise underwriting discipline in a more competitive market, the effects of a slowing housing market and the impact of a softening insurance market.
Excess. Net premiums earned increased 141.9% to $0.4 million for the three months ended March 31, 2009, compared to $0.2 million for the same period of 2008 due to increased premium writings. The Company’s excess product offering is focused primarily in the construction and products liability areas.
Healthcare. Net premiums earned for the quarter ended March 31, 2009 were $2.3 million compared to $84 thousand for the same period of 2008, which included net premiums earned on business written subsequent to the acquisition effective date of February 8, 2008.
Fee income earned increased 28.3% to $0.9 million for the three months ended March 31, 2009 as compared to $0.7 million for the same period of 2008. The increase is primarily attributable to growth provided by our healthcare business.
Net investment income increased 6.3% to $7.8 million for the three months ended March 31, 2009 compared to $7.3 million for the same period of 2008. This increase was due an increase in invested assets partially offset by lower investment yields. Average invested assets increased to $680.5 million at March 31, 2009 from $611.0 million at March 31, 2008 due primarily to cash flow from operations. The average pre-tax and after-tax investment yields were 4.6% and 3.9% compared to 4.8% and 4.1% for the three months ended March 31, 2009 and 2008, respectively
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