Bermuda-based specialty insurance and financial services company American Safety Insurance Group Limited (ASIG) has reported a growth in net premiums and revenues for both the fourth quarter of 1999 and last year as a whole.

The news came yesterday in the company's results for those two periods.

Net premiums earned for the fourth quarter of 1999 increased 15 percent to $3,576,702 over the same quarter of 1998.

And total revenues for the fourth quarter of 1999 increased eight percent to $5,658,275 over the same quarter of 1998.

Net premiums earned for 1999 increased 49 percent to $13,672,851 from $9,188,614 in 1998 while total revenues for 1999 increased 32 percent to $22,089,067 from $16,739,849 in 1998.

President and Chief Executive Officer Lloyd A. Fox said: "We are pleased with the growth of our premiums and revenues both in the fourth quarter and for the 1999 year and with the diversification of the products and services that we offer.'' Elsewhere net operating earnings for the fourth quarter of 1999 decreased one percent to $1,444,889, or $.25 per diluted share on 5.9 million average shares outstanding, compared with $1,462,884, or $.24 per diluted share on 6.1 million average shares outstanding for the fourth quarter of 1998.

And net earnings for the fourth quarter of 1999 decreased 20 percent to $1,400,430, or $.24 per diluted share on 5.9 million average shares outstanding, compared with $1,750,506, or $0.29 per diluted share on 6.1 million average shares outstanding for the fourth quarter of 1998 due to lower realised gains on sales of investments in the fourth quarter of 1999 compared to the 1998 period.

For the year ended December 31, 1999, net operating earnings increased four percent to $5,746,663, or $.95 per diluted share on 6.0 million average shares outstanding, compared with $5,511,019, or $.96 per diluted share on 5.7 million average shares outstanding for 1998.

Net earnings for the same period decreased one percent to $5,920,268, or $0.98 per diluted share on 6.0 million average shares outstanding, compared with $5,954,249, or $1.04 per diluted share on 5.7 million average shares outstanding for 1998.

The company said that net operating earnings and net earnings for the fourth quarter of 1999 and for the year ended December 31, 1999 were affected by increased operating expenses attributable to the addition of personnel in connection with its new insurance business units and the loss of interest on notes receivable as a result of the previously announced foreclosure on property located in Ponce Inlet, Florida.

American Safety reports growth Mr. Fox added: "While expenses were up during this past year due to the addition of our financial services capability as well as insurance underwriting units, these groups have all begun producing premium and revenue for our company and have enabled our company to diversify its products and services.

"Although we have experienced a loss of interest income on the Florida property loan, we believe that significant value can be generated through our own development of Harbour Village over the next three to five years.'' The book value of the company increased eight percent to $10.56 per share at December 31, 1999 as compared to $9.76 for 1998.

The company's share repurchase programme bought 156,450 shares of common stock during the fourth quarter of 1999 and bought a total of 300,000 shares of common stock during 1999.