Bermuda-based American Safety Insurance Holdings Ltd. reported that the A.M. Best Company has increased its financial size category from VII to VIII, which designates companies whose adjusted policyholder surplus totals between $100 and $250 million.
The financial size increase applies to all of the American Safety Insurance Group of Companies, consisting of: American Safety Casualty Insurance Co.; American Safety Indemnity Co.; American Safety Reinsurance Ltd.; and ASI’s non-subsidiary affiliate, American Safety Risk Retention Group Inc.
Commenting on the upgrade, Stephen Crim, president and CEO of American Safety Insurance Holdings Ltd., said, “We are pleased to receive the financial size increase to a size VIII. This achievement, combined with our “A” (Excellent) rating, ensures ASI’s continued competitiveness within our established markets and opens the door for increased producer relationships. Over the past few years, we have diligently worked to increase our capital and further strengthen our balance sheet.”
American Safety Insurance Holdings Ltd. is a specialty insurance holding company which, through its subsidiaries, provides insurance solutions in the alternative insurance market for environmental remediation, contracting and other specialty risks.
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