American Safety (NYSE:ASI)
Historical Stock Chart
2 Years : From May 2011 to May 2013
American Safety Insurance Holdings, Ltd. (NYSE: ASI) today announced
that its wholly-owned subsidiary, American Safety Holdings Corp. has
signed a definitive Stock Purchase Agreement to acquire Bluestone
Agency, Inc. and its Cayman insurance subsidiary, Bluestone Surety, Ltd.
Bluestone is a specialty provider of both commercial and contract
surety, focusing primarily on transactional commercial surety. In 2011
Bluestone wrote approximately $16,000,000 in premium.
Bluestone will operate as a separate business unit under the direction
of ASI’s surety division.
Completion of the transaction is subject to regulatory approval and
other standard conditions. The transaction is expected to close at the
end of the second quarter. Terms of the transaction were not disclosed.
“We look forward to David Pearlstein and the Bluestone team joining ASI.
The two organizations are very compatible and the addition of
Bluestone’s commercial surety expertise will further our strategic
objective of growing our current product offerings and expanding our
distribution network,” said Joseph D. Scollo, Jr., ASI’s President and
Chief Operating Officer.
“The financial strength of ASI will open up additional markets for us in
the surety space and give us access to enhanced capabilities to expand
our existing channels,” said David Pearlstein, President and CEO of
Bluestone. “The combination will allow us to better serve our agency
plant and offer greater opportunities for our employees. Bluestone was
built by providing a high level of customer service, making ASI’s
solutions-oriented culture a fit with our existing corporate philosophy.”
For 25 years, American Safety Insurance Holdings, Ltd. (NYSE:ASI), a
Bermuda holding company, has offered innovative solutions outside
the U.S. in the reinsurance and alternative risk markets through its
subsidiaries, American Safety Reinsurance, Ltd. and American Safety
Assurance, Ltd., and in the U.S. for specialty risks and alternative
risk markets through its program administrator, American Safety
Insurance Services, Inc., and insurance company subsidiaries and
affiliates, American Safety Casualty Insurance Company, American Safety
Indemnity Company, American Safety Risk Retention Group, Inc., and
American Safety Assurance (Vermont), Inc. As a group, ASI’s
insurance subsidiaries and affiliates are rated “A” (Excellent) IX by
A.M. Best. For additional information, please visit www.asih.bm.