American Safety Insurance Holdings has reported revenues of $51.92m for the fourth quarter of 2009, an increase of 7% compared to $48.6m for the same period last year. Revenues increased more than 6% sequentially.
The company’s gross premiums written decreased 9.6% for the quarter to $53.3m from $58.9m for the same period last year. Net premiums written increased 1.0% for the quarter and pre-tax operating income was $9m compared to $0.9m for the same period in 2008 due to improved underwriting results.
For the fourth quarter ended December 31, 2009, the company posted net income of $6.9m, or $.65 per diluted share compare to a net loss of $8.2m or $0.8 per diluted share for the same period last year.
For the full year 2009, the company has reported revenues of $204.7m, an increase of 6% compared to $192.3m in 2008. Net income was $24.3m, or $2.30 per diluted share, compared to $0.3m, or $0.03 per diluted share, for 2008. Pre-tax operating income increased 62% to $34.6m from $21.4m.
Stephen Crim, CEO of American Safety, said: “I am pleased with the improvements in the company’s expense ratio, loss ratio and return on equity in the face of a competitive insurance market and difficult economy.
“We achieved growth in our newer excess and surplus lines products, as well as in shorter tail lines, resulting in a more balanced product portfolio. Looking to 2010, we expect the market to remain very competitive, and will maintain our focus on underwriting discipline to preserve the integrity of the company’s balance sheet.”