yesterday, during which its total revenue increased 55 per cent over the previous year's quarter, and net premiums rose 125 per cent.

The figures ending September 30 show a $6,045,125 total revenue for ASI's third quarter, over 1998's $3,893,221. Net premiums for the same time stood at $4,040,984.

The company's shares as of the end of September are valued at $10.32. American Safety Insurance Group specialises in insurance and financial services. "The company's premiums continue to grow at a healthy pace and our new insurance business units are already adding to our premium base'' noted president and chief executive officer Lloyd Fox.

"While increases in personnel costs have been incurred to develop new underwriting units and to add to our claims and regulatory infrastructure,'' Mr. Fox said, "these investments will enable the company to further its strategy of diversifying ... and continuing its growth and profitability.'' ASI revenues rise The addition of personnel connected with the company's new insurance business units affected net earnings, said an ASI press release, along with its loss of interest on notes receivable caused by the foreclosure on property at Ponce Inlet, Florida. It added that management expects the sale of the property, which should exceed the company's investment, to offset the reduction in interest on the notes.