American Safety Insurance Holdings, Ltd. Reports Arbitration Settlement.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--July 7, 2003 American Safety Insurance Holdings, Ltd. (formerly known as American Safety Insurance Group, Ltd.) (NYSE NYSE See: New York Stock Exchange : ASI ASI, n See Anxiety Sensitivity Index. ) today announced that it settled its 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. recoverables dispute with Berkley Insurance Company ("BIC BIC See: Bank Investment Contract ") during arbitration. As part of the settlement, BIC agreed to reimburse American Safety Insurance for all paid losses outstanding as of December 31, 2002, and continue to make payments under reinsurance treaties in the ordinary course of business. In consideration, American Safety Insurance agreed to modify the terms of a reinsurance treaty and to certain other conditions, including the release of BIC from its other claims in the arbitration. The settlement is governed by a confidentiality undertaking between the parties. Commenting on the settlement, Stephen R. Crim, President and Chief Executive Officer of American Safety Insurance, said, "I am pleased that we were able to reach a mutually agreeable settlement with BIC which eliminates the uncertainty surrounding the outcome of the arbitration in the investment community. The payment of the outstanding paid losses will immediately begin to have a positive impact on our earnings by increasing investment income. We can put this matter behind us and focus our resources on growing our insurance business." 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 American Safety can be found at http://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. within the meaning of United States' securities laws which are intended to be covered by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions created thereby. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various factors. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion