American Safety Insurance Holdings, Ltd. Announces Settlement of National Warranty Cases.HAMILTON, Bermuda -- American Safety Insurance Holdings, Ltd. (NYSE NYSE See: New York Stock Exchange :ASI ASI, n See Anxiety Sensitivity Index. ) announced today that pending claims against its subsidiary, 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., have been settled. The claims by National Warranty Risk Retention Group, by consumers of vehicle service contracts issued by National Warranty and by sellers/obligors of the vehicle service contracts insured by National Warranty totaled approximately $28 million. All such claims against American Safety Reinsurance, Ltd. and affiliated entities have been settled and will be dismissed with prejudice. The settlement is subject to the approval of the Grand Court of the Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. , which is pending and which we anticipate will be granted. The settlement is not expected to have a material adverse impact on the Company's results of operation. About Us: American Safety Insurance Holdings, Ltd. (NYSE:ASI), a Bermuda-based holding company, offers 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 through its program administrator, American Safety Insurance Services, Inc., and insurance company subsidiaries American Safety Casualty Insurance Company, American Safety Indemnity Company and American Safety Risk Retention Group, Inc., which, as a group, are rated "A" (Excellent) VIII by A.M. Best. 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. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various factors. 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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