American Safety Insurance Holdings has seen its profits rise slightly to $7 million from $5.3 million a year ago.

It's third quarter results reveal an 18 percent rise in gross written premiums to $50.3 million and an improved combined ratio that has decreased from 96.7 percent to 95.3 percent.

In a statement the company said that, as of July 1 this year, it had entered into an excess and loss reinsurance treaty on its casualty lines of business increasing third quarter net earnings by approximately $170,000.

For shareholders the result of a 31 percent increase in net earnings equates to $0.64 per share compared to $0.50 for the same period a year ago.