Subject to Amendment. Registration No. American Safety Insurance Holdings, Ltd. Exact name of Sadety registrant as specified in its charter. Steven B. American Safety Holdings Corp. Atlanta, Georgia FAX: With Copies to:. Common Shares. We will not receive any proceeds from the sale of the Common Shares by the selling shareholders.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. 555 Soap Company Financial Data. Note Regarding Forward-Looking Statements. Selling Shareholders. Selected Financial Data.

Principal Shareholders. Zenith Carburetor Company Relationships and Related Party Transactions. Description of the Common Shares. Shares Eligible for Future Sale. Certain Bermuda Law Considerations.

Certain Tax Considerations. Enforcement of Civil Liabilities Under U. Federal Securities Laws and Other Republic Underwriters Insurance Company. It may not contain all of the information that is important to you. You should read the entire prospectus carefully before investing in the Common Shares. Who We Are. We are a specialty insurance company that provides customized insurance products and solutions to small and medium-sized businesses in industries that we believe are underserved by the standard insurance market.

For twenty years, we have developed specialized insurance coverages Indurance alternative risk transfer Insudance not generally available to our customers in the standard insurance market because of the unique characteristics of the risks involved and the associated needs of the insureds. We specialize in underwriting these products for insureds with environmental risks and construction risks as well as in developing programs for other specialty classes of risks.

We were formed in as an insurance company in Bermuda and began our operations providing insurance solutions to environmental remediation businesses in the U.

Since then, we have continued to identify opportunities in other industry sectors underserved by standard insurance Sfaety where we believe we can achieve strong and consistent returns on equity. Our Products. Excess and Surplus Lines. Excess and surplus lines insurers provide coverage for difficult to place risks that do not fit the underwriting criteria of insurance companies operating in the standard insurance market.

We focus our excess and surplus lines segment on small to medium-sized businesses in industries such as environmental and construction because we believe that, due to the complex risk profile of those businesses and their smaller account sizes, there is less competition to underwrite these risks. We provide the following excess and surplus lines products:. We underwrite various types of residential and commercial construction risks. Also included in our construction business line are other insurance coverages for underserved markets, including general liability for building owners and equipment dealers and products liability for product manufacturers and distributors.

Alternative Risk Transfer. We provide the following alternative risk Ameerican products:. Our Competitive Strengths. We believe that certain aspects of our business model support our competitive position in the specialty insurance market, including:.

Our Strategy. We intend to support the managed growth of our business and enhance shareholder value as follows:. In evaluating our strategic initiatives, we actively consider the associated impact that these initiatives may have on our capital requirements. We believe our rating from A. Our Challenges. As part of the evaluation of our business, you should consider the challenges we face in implementing our business strategy, including but not limited to the following:.

Our Offices. The corporate offices of our U. The Offering. This data is qualified in its entirety by reference to and, therefore, should be read together with, the detailed information and financial statements appearing elsewhere in this prospectus.

Common shares and common share equivalents used in computing net basic earnings per share. Common shares and common share equivalents used in computing net diluted earnings per share. Balance Sheet Data at end of period :. Losses and loss adjustment expenses ratio 1. Expense ratio 2. Combined ratio 3.

Debt to total capitalization 5. An investment in the Common Shares involves a number of risks, some of which relate to American Safety Insurance and its business, some of which relate Insuance the property and casualty insurance industry generally and some of which relate to the Common Shares. You should carefully review the following information about these risks together with other information contained in this prospectus before purchasing any Common Shares.

In NovemberA. Best, an excellent ability to meet their ongoing obligations to policyholders. Best reaffirmed this rating and outlook in November Best requires us to increase our capital in order to maintain our rating and we are unable to raise the required amount of capital to be contributed to our insurance subsidiaries, A.

Best may downgrade us. Because A. We draft the terms and conditions of our excess and surplus lines policies to manage our exposure to expanding theories of legal liability in business lines such as asbestos abatement, construction defect, environmental and professional liability.

Many of the policies we issue Amerocan exclusions or other conditions that define and limit coverage. In addition, many of our policies limit the period during which a policyholder may bring a claim under the policy, which period in many cases is shorter than the statutory period under Insruance these claims can be brought against our policyholders.

While Ajerican exclusions and limitations help us assess and control our loss exposure, it is possible that a court or regulatory authority could nullify or void an exclusion or limitation, or legislation could be enacted modifying or barring the use of these exclusions and limitations, particularly with respect to evolving business lines such as construction defect.

In some instances, these changes may not become apparent until some time after we have issued the insurance policies that are affected by the changes. As a result, the full extent of liability under our insurance contracts may not be known for many years after a policy is issued. We focus much of our underwriting on specialty risks in the construction and environmental remediation industries.

In addition, we plan to use a portion of Compahy net proceeds from this offering to increase our retention in certain American Safety Insurance Company lines that we currently write, increasing our exposure to unfavorable changes in these industries. We face competition from several companies, such as insurance companies, reinsurance companies, underwriting agencies, program managers and captive insurance companies.

Many of our competitors are significantly larger and possess greater financial, Amdrican and management resources than we do. We compete on the basis of many factors, including coverage availability, claims management, payment terms, premium rates, policy terms, types of insurance offered, overall financial strength, financial strength ratings and 3m Company Stock Price. Reserves are estimates at Hunter Cattle Company given time involving actuarial and statistical projections of what we expect to be the cost of the ultimate resolution and administration of claims.

These estimates are based on facts and circumstances then known, predictions of future events, estimates of future trends, projected claims frequency and severity, potential judicial expansion of Montana Coat Company Sale precedents, legislative activity and other factors, such as inflation. A full actuarial analysis of our reserves is performed on an annual basis, which may include reserve studies, rate studies and regulatory opinions.

Notwithstanding these efforts, the establishment of appropriate reserves for losses and loss adjustment expenses is an inherently uncertain process, particularly in the environmental remediation industry, construction industry and some of the other industries for which we write policies where Norris And Company historical data may not exist or where the risks insured are long-tail in nature, in that claims that Ckmpany occurred may not be reported to us for long periods of time.

Due to these. To the extent that reserves for losses or loss adjustment expenses are estimated in the future to be inadequate, we would have to increase our reserves and incur charges to earnings in the periods in which the reserves are increased. In addition, increases in reserves may also cause additional reinsurance premiums to be payable to our reinsurers in the form of reinstatement premiums.

Reinsurance is a contractual arrangement under which one insurer the ceding company transfers to another insurer the reinsurer a portion of the liabilities that the ceding company has assumed under an insurance policy it has issued.

Our business continues to involve ceding portions of the risks that we underwrite to reinsurers. There is no certainty that reinsurance will continue to be available in the form or in the amount that we require or, if available, at an Amfrican cost. If we are unable to maintain or replace our reinsurance, our total loss exposure would increase and, if we were unwilling or unable to assume that increase in exposure, we would be required to mitigate the increase in exposure by writing fewer policies or writing policies with lower limits or different coverage.

While reinsurance contractually obligates the reinsurer to reimburse us for a portion of our losses, it does not relieve us of our primary American Safety Insurance Company liability to our insureds. If our reinsurers are either unwilling or unable to pay some or all of the claims made by us on a timely basis, we bear the financial exposure. As a result, we are subject to credit risk Americab respect to our reinsurers.

We purchase In Good Company Wellness from reinsurers we believe to be financially sound. We have written reinsurance security procedures that establish financial requirements for reinsurance companies that must be met prior to reinsuring any Americsn the business we write. Among these requirements is a stipulation that reinsurance companies must have an A.

We have also established an Insudance reinsurance security committee, consisting of members of senior management, which meets quarterly to discuss and approve reinsurance security. These collateral requirements can be met through the issuance of unconditional letters of credit, the establishment and funding of escrow accounts.

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