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A.M. Best Increases Financial Size Category of the American Safety Group of Companies to IX
Company Release - 06/09/2010 16:30
HAMILTON, Bermuda--(BUSINESS WIRE)-- American Safety Insurance Holdings, Ltd. (NYSE:ASI) announced today that A.M. Best Company has increased the financial size category of ASI’s U.S. insurance and Bermuda reinsurance subsidiaries from VIII to IX.
The members of the American Safety Insurance Group of Companies, which carry an “A” (Excellent) rating, include: American Safety Casualty Insurance Co.; American Safety Indemnity Co.; American Safety Reinsurance, Ltd.; and ASI’s non-subsidiary affiliate, American Safety Risk Retention Group, Inc. The IX category applies to companies with $250 to $500 million in policyholder surplus.
“The increase in financial size rating due to our growth furthers our ability to service a wider segment of the specialty insurance industry,” said Stephen R. Crim, President and CEO of American Safety Insurance Holdings, Ltd.
According to A.M. Best, American Safety’s “A” (Excellent) rating, which the company has maintained since 1995, “reflects the consolidated Group's excellent capitalization, solid overall operating results, and effective management of its insurance operations…ASI's overall capitalization is excellent as it has been able to secure substantial capital to support its premium growth over recent years.”
About ASI:
American Safety Insurance Holdings, Ltd. (NYSE:ASI), a Bermuda holding company, offers innovative insurance 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. As a group, ASI’s insurance subsidiaries and affiliates are rated "A" (Excellent) IX by A.M. Best. For additional information, please visit www.asih.bm.
Source: American Safety Insurance Holdings, Ltd.
7/9/2010