Business & Finance
Business and Finance
Business and Finance
Tue, January 11, 2011
Mon, January 10, 2011 A.M. Best Affirms aAa? Rating with aStablea Outlook for American Safety Insurance Group of Companies
HAMILTON, Bermuda--([ BUSINESS WIRE ])--American Safety Insurance Holdings, Ltd. (NYSE:ASI) announced today that A.M. Best Company has affirmed the financial strength rating of aAa IX (Excellent) of its U.S. insurance and Bermuda reinsurance subsidiaries, and has assigned a astablea outlook.
"The rating reflects the consolidated Group's excellent capitalization, solid overall operating results, and effective management of its insurance operationsaASI's overall capitalization is excellent as it has been able to secure substantial capital to support its premium growth over recent years."
The rating applies to the members of the American Safety Insurance Group of Companies, which includes: American Safety Casualty Insurance Co.; American Safety Indemnity Co.; American Safety Reinsurance, Ltd.; and ASIa™s non-subsidiary affiliate, American Safety Risk Retention Group, Inc.
aWe are pleased to receive the positive outlook because we believe it recognizes the successful implementation of our growth and diversification strategy while maintaining profitability in a continual soft market,a said Stephen R. Crim, President and CEO of American Safety Insurance Holdings, Ltd.
According to A.M. Besta™s Financial Strength Rating Rationale, aThe rating reflects the consolidated Group's excellent capitalization, solid overall operating results, and effective management of its insurance operationsaASI's overall capitalization is excellent as it has been able to secure substantial capital to support its premium growth over recent years.a
About Us:
American Safety Insurance Holdings, Ltd. (NYSE:ASI), a Bermuda holding company, offers innovative solutions outside the U.S. in the reinsurance and alternative risk markets through its subsidiaries, American Safety Reinsurance, Ltd. and American Safety Assurance, Ltd., and in the U.S. for specialty risks and alternative risk markets through its program administrator, American Safety Insurance Services, Inc., and insurance company subsidiaries and affiliates, American Safety Casualty Insurance Company, American Safety Indemnity Company and American Safety Risk Retention Group, Inc. and American Safety Assurance (Vermont), Inc. and Victore Insurance Company.As a group, ASIa™s insurance subsidiaries and affiliates are rated aAa (Excellent) IX by A.M. Best. For additional information, please visit [ www.asih.bm ].
