KBW Reiterates OP Rating On ASI

KBW is reiterating its Outperform rating on shares of American Safety Insurance Holdings Ltd. ASI. “ASI reported a ROCK of [$0.73, $(0.56), $(0.24), $(0.41)],” KBW writes. “The quarter was impacted by the recent catastrophes abroad as well as some adverse reserve development primarily on run-off business. “Growth was strong across the board, up 23% on a net basis as new products gain further traction. While the quarter was a tough one, the company remains well positioned.” American Safety Insurance Holdings closed Wednesday at $19.42.