American Safety Insurance Holdings has reported total revenues of $52.9m for the first quarter of 2010, a decrease of 0.8% compared to $53.3m for the same quarter in 2009.
The company said that operating income for the quarter were $5.8m, an increase of 3.57% compared to $5.6m for the same period last year.
The company’s gross premiums written for the first quarter of 2010 were $59.3m, an increase of 16.6% compared to $50.8m for the same period last year, while net premiums written were $48.7m compared to $39.7m.
Net premiums earned for the first quarter of 2010 were $42.9m compared to $44.6m for the same quarter in 2009.
For the first quarter ended March 31, 2010, the company posted a net income $6.5m, or $0.61 per diluted share, compared to $5.5m, or $0.53 per diluted share, for the same period last year.
Stephen Crim, president and CEO of American Safety Insurance Holdings, said: I am pleased with the solid earnings and increase in book value accomplished in the quarter. We advanced our strategy to achieve critical mass in newer products and shifted our product mix toward shorter tail lines of business.