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BSX Approves Listing of up to 7,939,363 Common Shares of American Safety Insurance Holdings, Ltd.
The Company was initially incorporated in Bermuda on 19 January 1986 as American Safety Insurance Group, Ltd. and changed its name to American Safety Insurance Holdings, Ltd. on 20 June 2003.
American Safety Insurance Holdings, Ltd. is a specialty insurance holding company which, through its subsidiaries, develops, underwrites, manages and markets property and casualty insurance and reinsurance to targeted niche markets for environmental remediation, contracting and other specialty risks. In 2003 total revenues were $176 million. As of December 31, 2003 total assets were $514 million and total shareholder's equity was $95 million. The Common Shares began trading on the New York Stock Exchange (NYSE) on February 5, 1999 under the symbol `ASI'. The BSX listing is a secondary listing and is effective from 20th May, 2004.
First Bermuda Group Ltd of Hamilton, Bermuda, is sponsoring the listing of American Safety Insurance Holdings, Ltd.
Stephen Crim, President & CEO of American Safety Insurance Holdings, Ltd. issued the following statement: "American Safety Insurance Holdings, Ltd. is pleased to be listed on the Bermuda Stock Exchange which plays a major role in promoting Bermuda's reputation as a world-class center for insurance and finance. Our Company has been proud to be a part of the Bermuda insurance community for the past 18 years and we look forward to the future as a BSX listed company".
"The BSX welcomes American Safety Insurance Holdings, Ltd to listing", said Mr. James S. McKirdy, Chief Compliance Manager of the BSX. "American Safety Insurance Holdings, Ltd joins the growing list of Bermuda domiciled insurance companies to list on the Exchange. As a secondary listing American Safety Insurance Holdings, Ltd was able to take advantage of the reduced listing fees offered to issuers with a primary listing on a BSX Recognized Exchange".
Michael Schroter, Executive Vice-President of First Bermuda Group Ltd, stated: "The secondary listing of a company of the quality of American Safety Insurance Holdings, Ltd. lends added recognition of the increasing importance of the Bermuda Stock Exchange and First Bermuda Group Ltd. is proud to have been chosen as Sponsor".