American Safety faces $250,000 demand - not $250m
American Safety Insurance Holdings, Ltd. yesterday said that the court docket for the US District Court for the Eastern District of California associated with a complaint filed against American Safety Indemnity Company ("ASIC"), a wholly-owned subsidiary of ASI, included an erroneous demand figure of $250 million.
That figure was published in The Royal Gazette on Wednesday.
The actual demand is for $250,000 and the court's docket was corrected on Wednesday.
As reported, ASIC is the defendant in commercial litigation with PMA Capital Insurance Company associated with a claim in its construction business line seeking contribution to defence costs from ASIC. American Safety views this litigation as ordinary course litigation incidental to its business.