BGB Securities Updates On ASI

BGB Securities has issued a report on American Safety Insurance Holdings ASI following management meetings. According to the report, "ASI management has focused on building out its lines of business to take advantage of the next market cycle turn. We believe the P&C market will continue to inch closer to a turn following the recent worldwide catastrophes. Those events coupled with increased stock buybacks and large reserve releases will likely reduce the balance sheet cushion enjoyed by most of the P&C industry. When the market does rebound, ASI is well positioned to take advantage of specialty customers who will likely be abandoned by their current insurance carriers." ASI has a Buy Rating and a $26.00 Price Target. ASI traded at $20.67 Friday at closing.