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HAMILTON, Bermuda--(BUSINESS WIRE)--October 30, 2008--American Safety Insurance Holdings, Ltd. (NYSE:ASI) announced today that A.M. Best Company has affirmed the financial strength rating of “A” (Excellent) of its U.S. insurance and Bermuda reinsurance subsidiaries, and has assigned a “stable” outlook.

The rating applies to the members of the American Safety Insurance Group of Companies, which includes: American Safety Casualty Insurance Co.; American Safety Indemnity Co.; American Safety Reinsurance, Ltd.; and ASI’s non-subsidiary affiliate, American Safety Risk Retention Group, Inc. A.M. Best also has affirmed the issuer credit rating of "bbb" of American Safety Insurance Holdings, Ltd.

“We are pleased that A.M. Best, the insurance industry’s premier rating company, continues to recognize our ongoing dedication to underwriting discipline and financial stability by affirming our “A” (Excellent) rating for the 13 th consecutive year,” said Stephen R. Crim, President and CEO of American Safety Insurance Holdings, Ltd.

According to A.M. Best’s Financial Strength Rating Rationale, “The ratings reflect ASI's excellent capitalization, solid overall operating results and effective management of its insurance operations. The ratings also recognize the group's underwriting expertise and discipline in its niche markets with customized risk management programs and loss control services.”

About Us:American Safety Insurance Holdings, Ltd. (NYSE:ASI), a Bermuda-based holding company, offers innovative insurance solutions in the alternative insurance market for environmental remediation, contracting and other specialty risks in the US through its program administrator, American Safety Insurance Services, Inc., its insurance company subsidiaries, American Safety Casualty Insurance Company and American Safety Indemnity Company, and its affiliate, American Safety Risk Retention Group, Inc., and reinsurance in Bermuda through its subsidiary, American Safety Reinsurance, Ltd. Its insurance company subsidiaries and affiliate, as a group, are rated "A" (Excellent) VIII by A.M. Best. For more information on the Company, please visit www.asih.bm.

This press release contains forward-looking statements.These forward-looking statements reflect the Company's current views with respect to future events and financial performance.Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various factors. For additional factors, which could influence the results of the Company's operating and financial performance, see the Company's Form 10-K, dated December 31, 2007, as on file with the Securities and Exchange Commission.

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