American Safety Insurance Group, a company incorporated in Bermuda, announced a 16.9 percent increased in quarterly net earnings this week.

The company said earnings for the three months ended June 30 were $1.853 million, compared with $1.586 million for the same period last year. Earnings for the first half of the year were $3.899 million, 39 percent higher than last year when the company's net income was $2.847 million.

The profit increase came with growth in net premiums earned in the company's core environmental, excess and surplus and programme business lines of insurance. American Safety also earns revenue from the Harbor Village Golf & Yacht club, a condominium complex it developed and owns in Ponce Inlet, Florida.