American Safety Insurance Holdings Ltd. reported second-quarter net earnings of $6.9 million, or 66 cents per share, compared to $6.8 million, or 63 cents per share, for the same period in 2008, based on improved underwriting results, higher fee income and increased investment income.

The company's gross premiums written decreased 22 percent to $56.7 million, while its combined ratio decreased to 97 percent versus 103.7 percent over the respective periods.

Meanwhile its book value rose to $23.80 per outstanding share and $22.96 per diluted share compared to $21.12 and $20.55, respectively, as of December 31, 2008.

Revenues for the quarter decreased by 10.2 percent to $50.8 million from $56.6 million in the 2008 quarter, due mainly to decreased net premiums earned.

Stephen Crim, president and chief executive officer, said: "We are encouraged by the second-quarter results following a solid first quarter. In particular, the continued improvement in the company's expense and loss ratios confirms that initiatives we have taken are positively impacting results.

"I am particularly pleased with our results given both a difficult economy and competitive insurance environment.

"Based on the six-month results, we are revising our combined ratio estimate for the full year to 100 percent to 102 percent, from 102 percent to 104 percent."

Net income: $6.9 million compared to $6.8 million in 2008

Combined ratio: 97 percent compared to 103.7 percent in 2008

Gross premiums written: $56.7 million compared to $72.6 in 2008