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American Safety Insurance reports Q4 net loss

ASI reported a net loss of $8.2m for Q4 08 compared to net earnings of $6.78m for Q4 07

American Safety Insurance (ASI) has reported a net loss of $8.2m, or $0.80 per diluted share, for the fourth quarter ended December 31, 2008, compared to net earnings of $6.78m, or $0.61 per diluted share, for the fourth quarter ended December 31, 2007.

Net operating loss for the fourth quarter of 2008, after excluding realised investment losses of $6m, was $2.2m, or $0.22 per diluted share, compared to net operating earnings of $7m, which excludes realised losses of $0.2m, or $0.63 per diluted share, for the fourth quarter of 2007.

For the fourth quarter of 2008, revenues were $48.65m, an increase of 14.5% over $42.49m in the comparable 2007 quarter.

Net earnings for the year ended December 31, 2008 were $0.3m, or $0.03 per diluted share, compared to $28.19m, or $2.56 per diluted share, for 2007. Net operating earnings for 2008 were $14.7m, or $1.37 per diluted share, compared to $28.5m, or $2.59 per diluted share, in 2007.

Revenues for 2008 were $192.32m, an increase of 6.3%, compared to $180.96m in 2007.

ASI is a specialty insurance company that provides customised insurance products and services to small and medium sized businesses in industries.