American Safety Announces Management Transition.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Nov. 7, 2001 American Safety Insurance Group, Ltd. (NYSE NYSE See: New York Stock Exchange :ASI ASI, n See Anxiety Sensitivity Index. ) today announced that Lloyd A. Fox, President and Chief Executive Officer, has decided to leave American Safety at the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of his current employment contract on December 31, 2002 to pursue other business and personal interests. He will remain President and Chief Executive Officer of American Safety Insurance Group, Ltd. and American Safety Holdings Corp., the Company's U.S. holding company, until the expiration of his contract at the end of 2002. Mr. Fox Mr. Fox were a band, part of the British "electric folk" or "folk rock" movement, circa 1970. Members:
Effective January 1, 2002, Stephen R. Crim, currently Executive Vice-President, will become President and Chief Executive Officer of American Safety's U.S. insurance and Bermuda reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. operations. Mr. Crim will succeed Mr. Fox as President and Chief Executive Officer of American Safety Insurance Group, Ltd. effective January 1, 2003. Mr. Crim has been responsible for all underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. functions since joining American Safety Insurance Group's U.S. operations in 1990. He has served as Executive Vice-President of the Company and its U.S. insurance operations since 1997 and currently heads the U.S. Program Insurance Services Division. Mr. Crim has been closely involved in the Company's insurance operations for over 11 years and has been a significant contributor to the growth and success of the Company's insurance operations. Joseph D. Scollo, Jr., currently Senior Vice-President - Operations of American Safety, will be named Executive Vice-President of American Safety's insurance companies and related insurance operating entities effective January 1, 2002. Mr. Scollo has been a member of American Safety's senior management team since 1998, and currently heads up the Company's U.S. Specialty Insurance Services Division, which includes the Company's U.S. environmental, workers compensation, excess and surplus and surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. insurance operations. Prior to joining American Safety, Mr. Scollo was Senior Vice-President - Operations for United Coastal Insurance Company for eight years. Lloyd Fox stated, "I have had the pleasure of being associated with American Safety since its inception in 1986 and heading up its operations for over 11 years. I am proud of the growth and success that the Company has achieved during this time period, and have great confidence in the abilities of our experienced senior management team to continue to carry the Company forward successfully in the future." Commenting on the management transition, Frederick C. Treadway, Chairman of American Safety Insurance Group, Ltd., stated "The decision by Lloyd Fox to leave American Safety at the end of his current contract marks another milestone in the life of the Company. We thank him for his leadership and success in the growth and diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of American Safety over the last 15 years. Steve Crim's knowledge and experience in the insurance industry and with American Safety will enable him to continue the growth and success that the Company has achieved, with the existing senior management team that has over 35 years of experience with American Safety." American Safety Insurance Group, Ltd. is a specialty insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company which, through its subsidiaries, develops, underwrites, manages and markets primary casualty insurance and reinsurance programs in the alternative insurance market for environmental risks and other specialty risks, and provides a broad range of financial services and products to middle market businesses. The Company is also the owner/developer of the Harbour Village Golf & Yacht Club, a residential condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. , marina, par 3 golf course and beach club in Ponce Inlet, Florida Ponce Inlet is a town in Volusia County, Florida, United States. The population was 2,513 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 3,178 [1]. . Additional information about American Safety can be found at http://www.americansafetygroup.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These forward-looking statements reflect the Company's current views with respect to future events and financial performance, including the Company's future profitability and the value of the Company's real estate development project. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various factors, including competitive conditions in the insurance industry, levels of new and renewal insurance business, unpredictable developments in loss trends, adequacy and changes in loss reserves, market acceptance of new coverages and enhancements, changes in reinsurance costs and availability, and changes in levels of general business activity and economic conditions. With respect to the development of the Harbour Village property, such forward looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various real estate development industry factors, including competitive housing conditions housing conditions npl → condiciones fpl de habitabilidad housing conditions npl → conditions fpl de logement in the local market area, risks inherent in real estate development and new construction, increases in construction costs, construction delays, weather, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , changes in interest rates and the availability of mortgage financing for prospective purchasers of condominium units and boat slips, and changes in local and national levels of general business activity and economic conditions. For additional factors which could influence the results of the Company's operating and financial performance, see the Company's filings with the Securities and Exchange Commission. |
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