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A.M. Best Affirms Ratings of American Safety Insurance Group CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, NEW JERSEY, U.S.A., Oct. 30, 2008—A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of “a” of American Safety Insurance Group (ASI). A.M. Best also has affirmed the ICR of “bbb” of ASI’s parent company, American Safety Insurance Holdings Ltd (both of Hamilton, Bermuda) [NYSE: ASI]. The outlook for all ratings is stable. The ratings are based on the consolidated financial condition and operating performance of the following entities comprising ASI: American Safety Casualty Insurance Company, American Safety Indemnity Company (Oklahoma), American Safety Risk Retention Group, Inc. (Vermont) and American Safety Reinsurance, Limited (Hamilton, Bermuda). The ratings reflect ASI’s excellent capitalization, solid overall operating results, and effective management of its insurance operations. The ratings also recognize ASI’s underwriting expertise and discipline in its niche markets with customized risk management programs and loss control services. Partially offsetting these positive factors are some variability of underwriting results in some of ASI’s operating subsidiaries and significant reinsurance recoverables following several years of considerable growth that was leveraged with reinsurance. ASI’s overall capitalization is excellent as it has been able to secure substantial capital to support its premium growth over the last five years. Through secondary public offerings of stock in 2003 and 2006, as well as retained earnings and trust preferred securities placements, ASI has built a solid capital base to support its underwriting, asset and credit risks. Its balance sheet strength also is stabilized by conservatively invested assets and strengthened reserves. A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world. For current Best’s Ratings and independent data on the captive and alternative insurance market, please visitwww.ambest.com/captive. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. ### |
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