American Safety Insurance Holdings, Ltd. `A' Excellent Rating Affirmed by A.M. Best.HAMILTON, Bermuda -- American Safety Insurance Holdings, Ltd. (NYSE NYSE See: New York Stock Exchange :ASI ASI, n See Anxiety Sensitivity Index. ) today announced that the A.M. Best Company has affirmed its "A" (Excellent) rating for all of its insurance operating companies operating company A business that engages in transactions with outsiders. , consisting of American Safety Casualty Insurance Company, American Safety Indemnity Company, American Safety 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. , Ltd. and its non-subsidiary affiliate, American Safety Risk Retention Group, Inc. A.M. Best stated that "the rating reflects the consolidated Group's favorable capitalization, profitable overall operating results, and effective management of its insurance and investment programs." However, A.M. Best assigned a negative outlook to the rating in response to the Company's reserve strengthening in 2004, noting "weaker 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. results from its core insurance business in recent years and the potential for further reserve strengthening." Additional information about the Best's rating Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. can be accessed at "www.ambest.com." Commenting on the Best's rating, Stephen R. Crim, President and Chief Executive Officer of American Safety Insurance Holdings, Ltd. said, "We are very pleased to again have our 'A' (Excellent) rating affirmed from A.M. Best, the leading nationally recognized insurance industry rating service. We have maintained an 'A' (Excellent) rating since 1995, and we are pleased to have again merited this distinction among property and casualty insurance companies." American Safety Insurance Holdings, Ltd. is a specialty insurance holding company which, through its subsidiaries, provides innovative insurance solutions 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 , contracting and other specialty risks. Additional information about the Company can be found at www.americansafetyinsurance.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 insurance market conditions, premium growth, acquisitions and new products and the Harbour Village real estate development project. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, including competitive conditions in the insurance industry, levels of new and renewal insurance business, developments in loss trends, adequacy and changes in loss reserves and actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin assumptions, timing or collectibility of reinsurance recoverables, market acceptance of new coverages and enhancements, changes in reinsurance costs and availability, potential adverse decisions in court and arbitration proceedings, the integration and other challenges attendant to acquisitions, and changes in levels of general business activity and economic conditions. For additional factors, which could influence the Company's operating and financial performance, see the Company's filings with the Securities and Exchange Commission. |
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