American Safety Comments on Best’s ‘A’ Rating

September 26, 2003

Bermuda-based American Safety Insurance Holdings, Ltd. has issued a bulletin stating that A.M. Best Company has affirmed its “A” (Excellent) rating with a “stable” outlook for all of its insurance operating companies.

The rating affirmation includes “the American Safety Insurance Group of companies, consisting of American Safety Casualty Insurance Company, American Safety Indemnity Company, American Safety Reinsurance, Ltd. and ASI’s non-subsidiary affiliate, American Safety Risk Retention Group, Inc.,” said the announcement.

It quoted Best’s report as indicating that “the rating reflects the consolidated Group’s sound capitalization, favorable overall operating results, and effective management of its insurance and investment programs,” and also “recognizes the Group’s underwriting expertise in its niche markets, the custom designed risk management programs it offers to clients, and its commitment to maintaining underwriting discipline.”

Commenting on Best’s rating, President and CEO Stephen R. Crim stated, “We are very pleased to have retained our insurance Group’s ‘A’ (Excellent) rating and with the assignment of a ‘stable’ outlook by A.M. Best, the leading nationally recognized insurance industry rating service. The ‘A’ rating, which we have maintained since 1995, is important to the continued growth of our insurance companies’ operations, and we are pleased to have again merited this distinction among property and casualty insurance companies.”

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