Bermuda-based American Safety Insurance Holdings, Ltd. has priced 3.2 million shares of common stock at $15.50 per share. The offering will raise some $49.6 million for the company which specialises in customised insurance products and solutions to small and medium sized businesses.

Proceeds will be used to implement its business and growth strategy by increasing the capital and surplus base of its insurance subsidiaries and use the balance of the net proceeds for general corporate purposes, including potential acquisitions, the company said in a press release. The lead underwriter and sole book-running manager for the offering is Keefe, Bruyette & Woods, Inc. Co-managers are Raymond James & Associates, Inc. and BB&T Capital Markets, a division of Scott & Stringfellow, Inc. The underwriters have an option to purchase up to an additional 480,000 shares to cover over-allotments.