American Safety Insurance Group, Ltd.'s Insurance Subsidiary Receives Higher Financial Size Rating From Demotech, Inc.; Expected to Increase Market Opportunities.HAMILTON, Bermuda--(BUSINESS WIRE)--Sept. 17, 1998--American Safety Insurance Group, Ltd. (Nasdaq/NM:AMSFF) today announced that its U.S. insurance subsidiary, American Safety Casualty Insurance Company, received a higher financial stability rating of "A prime" from Demotech, Inc., a recognized insurance industry rating service and insurance consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a . In June, American Safety Insurance Group, Ltd. received a higher financial size rating (VII) from A.M. Best Company. A.M. Best also reaffirmed a rating of "A" (Excellent) on a group basis with stable ratings outlook for American Safety, as well as its U.S. subsidiary, American Safety Casualty Insurance Company, and its non-subsidiary affiliate, American Safety Risk Retention Group, Inc. Commenting on the new ratings, Lloyd A. Fox, President and Chief Executive Officer, said, "We are very pleased to receive the higher financial size rating from A.M. Best and the higher financial stability rating from Demotech. The higher ratings, together with the increased capital base from our successful initial public offering in February 1998 and a growing portfolio of specialized insurance programs, should enable our Company to access a broader base of insurance business opportunities." Demotech, a Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. , actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin services and financial analysis firm, developed its financial stability ratings for property and casualty insurance carriers in 1989, to provide a model for qualification of property and casualty insurance carriers with Fannie Mae Fannie Mae: see Federal National Mortgage Association. and Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. . 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 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. programs in the alternative insurance market for environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a 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 insurance market. |
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