Bermuda-registered American Safety Insurance Group, Ltd. said yesterday that its exposure to the the September 11 terrorist attacks is minimal and it is proceeding with a planned stock repurchase programme.

Lloyd A. Fox, president and chief executive officer, said the company believes the financial effect of claims, on a gross basis and net of reinsurance, and other related losses of the Company should be minimal, and should not have an impact on the financial strength of the Company or its operations. Although certain of the Company's reinsurers have announced that they will incur liability as a result of the terrorist attacks, no material adverse impact on the Company's ability to collect reinsurance recoverables from its reinsurers on various lines of insurance business is anticipated.

The Company is also proceeding with its existing stock repurchase programme, by acquiring its shares on the open market. As of September 24, 2001, the Company has repurchased 141,339 shares under its current authorisation of 500,000 shares.

On the web: www.americansafetygroup.com.