American Safety to Sell 1.8 Million Common Shares

October 28, 2003

Bermuda-based American Safety Insurance Holdings, Ltd. announced that it has filed a registration statement with the Securities and Exchange Commission to offer approximately 1,800,000 shares in a fully underwritten public offering.

It did not indicate the price of the shares, which are publicly traded on the New York Stock Exchange. Their current trading range is around $12.30.

“All of the shares will be sold by American Safety Insurance Holdings and we expect to grant the underwriters an option to purchase up to 270,000 additional shares of common stock to cover over allotments, if any,” said the bulletin. “The proceeds of the issuance represent new financing.”

The company specializes in environmental insurance programs, excess and surplus lines insurance and tailor-made programs developed with brokers and program administrators.

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