KBW Has Outperform On American Safety Insurance Holdings

KBW has an Outperform rating on shares of American Safety Insurance Holdings, Ltd. ASI and a $25 price target on shares. In a note to clients, KBW writes, "ASI announced 2Q11 storm losses of $3-$4 million ($0.25-$0.33 per share or 5.2-6.9 points). The mid-point of the announced range is less than 1% of the company's first-quarter book value. We are adjusting our 2011 estimates to reflect the announcement. With the stock still trading below 70% of book value we continue to view it as attractive and reiterate our Outperform rating." Shares of ASI gained 11 cents yesterday to close at $19.76.