American Safety Insurance CFO Resigns

Copyright 2009 A.M. Best Company, Inc.All Rights Reserved BestWire

April 1, 2009 Wednesday 02:00 PM EST

145 words

American Safety Insurance CFO Resigns

Alyn Ackermann

HAMILTON, Bermuda

American Safety Insurance Holdings Ltd. said William C. Tepe, its chief financial officer, has resigned effective immediately.

Stephen R. Crim, president and chief executive officer, said in a statement the company has begun a search for a new CFO.

American Safety (NYSE: ASI) is a Bermuda holding company that through subsidiaries provides coverage in the U.S. specialty, alternative and reinsurance markets.

Last year, its reinsurance subsidiary, American Safety Reinsurance Ltd., named a new chief underwriting officer (BestWire, Oct. 17, 2008).

American Safety Insurance Group and its members each currently have a Best's Financial Strength Rating of A (Excellent).

Shares of American Safety Insurance Holdings were $11.16 in afternoon trading on April 1, down 3.04% from the previous close.

(By Alyn Ackermann, senior associate editor, BestWeek: [email protected])

April 2, 2009