American Safety Insurance Holdings Previews 2012 Fourth Quarter Results [Manufacturing Close – Up]
According to a release, this reserve strengthening is attributable to the Assumed Reinsurance division and specialty programs within the Alternative Risk Transfer division.
The Assumed Reinsurance reserve strengthening stemmed from four casualty contracts that were non-renewed in prior years. The Company continues shifting the risk profile of the Assumed Reinsurance division away from quota share contracts, which are the primary source of the reserve strengthening, to excess of loss contracts within targeted specialty classes of business.
The reserve strengthening in the ART division was primarily attributable to two casualty programs. Consistent with the Company's previously announced decision to de-emphasize specialty programs, the Company had only five continuing programs remaining in the ART division at the end of 2012.
For the fourth quarter, the Company expects to report an after- tax operating loss of between
Commenting on the quarter,
ASI is scheduled to release fourth quarter and full year 2012 results following the market close on
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