Exhibit 99.1

American Safety Insurance Holdings, Ltd.
Reports Third Quarter Financial Results

HAMILTON, Bermuda, November 2, 2011 — American Safety Insurance Holdings, Ltd. (NYSE:ASI) today reported net earnings of $5.8 million for the three months ended September 30, 2011, or $.54 per diluted share, as compared to $7.2 million, or $0.68 per diluted share, for the same period of 2010.

Financial highlights for the quarter included¹:

•

Gross written premiums increased 1.8% to $73.2 million

•

Net earned premiums increased 10.8% to $59.0 million

•

The combined ratio was 101.3% compared to 98.3%

•

Operating cash flow was $17.2 million compared to $17.0 million

•

Book value was $31.31 per diluted share versus $29.00 at December 31, 2010

•

Annualized return on average equity (exclusive of realized and unrealized gains from investments) was 8.0%

Third Quarter Results

Total revenues in the quarter increased to $68.1 million from $63.3 million in 2010 due to increased earned premiums across all divisions, driven primarily by growth in newer products within the E&S division.

The combined ratio of 101.3% consists of a loss ratio of 60.8% and an expense ratio of 40.5%, compared to 59.0% and 39.3%, respectively, for the same quarter of 2010. The increase in the loss ratio was due primarily to current market conditions, but was not impacted by Hurricane Irene losses. The increase in the expense ratio was due primarily to the impact of technology investments placed in service during the quarter and lower fee income.

For the three months ended September 30, 2011, net operating earnings of $5.8 million compares to $6.7 million for the same quarter 2010. We have presented net operating earnings, which is a non-GAAP financial measure because we believe that investors’ understanding of operating performance is enhanced by this disclosure. Net operating earnings (loss) represent after tax operational results without consideration of after-tax net investment gains (losses).

Year to Date Results

Net earnings for the nine months ended September 30, 2011 were $17.8 million, or $1.65 per diluted share, compared to $19.9 million, or $1.87 per diluted share for the same period in 2010. Net earned premiums year to date increased 20.3% to $172.5 million. Pre-tax net realized gains on investments for the nine months ended September 30, 2011 were $11.3 million compared to $2.1 million during the same period in 2010.

The combined ratio was 107.7%, composed of a loss ratio of 68.4% and an expense ratio of 39.3%. The increase in the loss ratio to 68.4% from 60.0% for the 2010 period is primarily due to $10.1 million of catastrophe and weather related losses that occurred in the first six months of 2011. The expense ratio was 39.3% for the nine months ended September 30, 2011 compared to 39.8% in the same period in 2010.

Invested assets increased 8% to $881.1 million at September 30, 2011 from $818.5 million at December 31, 2010. The pre-tax book yield realized during the nine months on the investment portfolio was 3.7% compared to 4.1% for the same period in 2010.

Book value at September 30, 2011 increased to $31.31 per diluted share compared to $29.00 at December 31, 2010. Since December 31, 2010, the Company has repurchased 132,661 shares at an average price of $18.87 per share. There are 211,639 shares remaining under the current repurchase authorization.

Commenting on the results, Stephen R. Crim, President and Chief Executive Officer said, “We produced solid operating results in the third quarter with minimal impact from weather related events. We also achieved modest growth in gross written premiums resulting from our product diversification strategy. Overall, I am pleased with our 2011 results, with book value per diluted share increasing by 8% year to date in the face of a competitive insurance market and difficult economy.”

Conference Call

A conference call to discuss third quarter 2011 results is scheduled for Thursday, November 3, 2011 at 9:00 a.m. (Eastern Daylight Time), which will be broadcast through Vcall’s Investor Calendar at www.investorcalendar.com, or the Company’s website at www.amsafety.com. If you are unable to participate at this time, a replay will be available for 30 days, beginning approximately two hours after the call. A transcript of the call will be available on the Company’s website beginning several days after the call.

This report contains forward-looking statements. The forward-looking statements reflect the Company’s current views with respect to future events and financial performance, including catastrophe and other losses. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, including developments in loss trends and adequacy and changes in loss reserves and actuarial assumptions.

About Us:
For 25 years, American Safety Insurance Holdings, Ltd. (NYSE:ASI), a Bermuda holding company, has offered innovative solutions outside the U.S. in the reinsurance and alternative risk markets through its subsidiaries, American Safety Reinsurance, Ltd. and American Safety Assurance, Ltd., and in the U.S. for specialty risks and alternative risk markets through its program administrator, American Safety Insurance Services, Inc., and insurance company subsidiaries and affiliates, American Safety Casualty Insurance Company, American Safety Indemnity Company, American Safety Risk Retention Group, Inc. and American Safety Assurance (Vermont), Inc.. As a group, ASI’s insurance subsidiaries and affiliates are rated “A” (Excellent) IX by A.M. Best. For additional information, please visit www.asih.bm.

Contacts:
American Safety Insurance Holdings, Ltd.		American Safety Administrative Services, Inc.
Investor Relations		Media Relations
Stephen R. Crim		Patrick Driscoll, CPA, CPCU
scrim@amsafety.bm		patrick.driscoll@amsafety.com
(441) 296-8560		(770) 916-1908

American Safety Insurance Holdings, Ltd. and Subsidiaries
Financial and Operating Highlights
(Unaudited) (in thousands)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
INCOME STATEMENT DATA:
Revenues:
Direct earned premiums		$	62,498			$	55,941			$	180,955			$	172,659
Assumed earned premiums			12,287				10,861				37,422				29,151
Ceded earned premiums			(15,793	)			(13,582	)			(45,866	)			(58,382	)
Net earned premiums			58,992				53,220				172,511				143,428
Net investment income			8,196				8,265				23,682				24,099
Net realized gains			10				560				11,311				2,080
Fee income			843				1,474				2,494				3,722
Other income			12				(260	)			35				(230	)
Total revenues			68,053				63,259				210,033				173,099
Expenses:
Losses and loss adjustment expenses			35,867				31,378				117,997				86,030
Acquisition expenses			13,800				12,393				39,008				31,218
Other underwriting expenses			10,941				9,996				31,309				29,672
Interest expense			375				586				1,116				2,030
Corporate and other expenses			173				965				1,811				2,431
Total expenses			61,156				55,318				191,241				151,381
Earnings before income taxes			6,897				7,941				18,792				21,718
Income tax expense			1,169				635				588				1,486
Net earnings			5,728				7,306				18,204				20,232
Less: Net earnings attributable to the non-controlling interest			(69	)			104				454				360
Net earnings attributable to ASIH, Ltd.		$	5,797			$	7,202			$	17,750			$	19,872
Net earnings per share:
Basic		$	0.56			$	0.70			$	1.70			$	1.93
Diluted		$	0.54			$	0.68			$	1.65			$	1.87
Weighted average number of shares outstanding:
Basic			10,377,890				10,271,184				10,416,979				10,282,976
Diluted			10,701,959				10,612,281				10,751,312				10,615,548
Loss ratio			60.8	%			59.0	%			68.4	%			60.0	%
Expense ratio			40.5	%			39.3	%			39.3	%			39.8	%
Combined ratio			101.3	%			98.3	%			107.7	%			99.8	%
Net operating earnings:
Net earnings attributable to ASIH, Ltd.		$	5,797			$	7,202			$	17,750			$	19,872
Less: Realized investment gains, net of taxes			(7	)			487				11,199				1,660
Net operating earnings		$	5,804			$	6,715			$	6,551			$	18,212

		At
		9/30/2011				12/31/2010
		(unaudited)
BALANCE SHEET DATA:
Total investments		$	881,088			$	818,450
Total assets			1,277,399				1,221,253
Unpaid losses and loss adjustment expenses			666,392				649,641
Total liabilities			937,450				902,719
Total shareholders’ equity			339,949				318,534
Book value per share-diluted		$	31.31			$	29.00

American Safety Insurance Holdings, Ltd. and Subsidiaries
Segment Data
(Unaudited) (Dollars in thousands)

		Three Months Ended September 30, 2011
		Insurance												Other
		E&S				ART				Reinsurance				Run-off				Total
Gross written premiums		$	39,782			$	18,952			$	14,512			$	—			$	73,246
Net written premiums			31,621				14,040				14,559				—				60,220
Net earned premiums			30,752				15,552				12,688				—				58,992
Fee & other income			(8	)			806				—				57				855
Losses & loss adjustment expenses			19,019				8,466				8,382				—				35,867
Acquisition & other underwriting expenses			13,326				6,610				4,517				288				24,741
Underwriting profit (loss)			(1,601	)			1,282				(211	)			(231	)			(761	)
Net investment income			5,280				1,186				1,593				137				8,196
Pre-tax operating income (loss)			3,679				2,468				1,382				(94	)			7,435
Net realized gains																			10
Interest and corporate expenses																			548
Earnings before income taxes																			6,897
Income tax expense																			1,169
Net earnings																		$	5,728
Less: Net earnings attributable to the non-controlling interest																			(69	)
Net earnings attributable to ASIH, Ltd.																		$	5,797
Loss ratio			61.8	%			54.4	%			66.1	%		NM					60.8	%
Expense ratio			43.4	%			37.3	%			35.6	%		NM					40.5	%
Combined ratio			105.2	%			91.8	%			101.6	%		NM					101.3	%

		Three Months Ended September 30, 2010
		Insurance												Other
		E&S				ART				Reinsurance				Run-off				Total
Gross written premiums		$	34,121			$	24,847			$	12,971			$	(6	)		$	71,933
Net written premiums			27,423				17,063				12,258				(6	)			56,738
Net earned premiums			26,347				15,114				11,765				(6	)			53,220
Fee & other income			43				1,150				57				(36	)			1,214
Losses & loss adjustment expenses			15,094				8,033				8,258				(7	)			31,378
Acquisition & other underwriting expenses			12,414				6,345				3,326				304				22,389
Underwriting profit (loss)			(1,118	)			1,886				239				(340	)			667
Net investment income			5,286				1,366				1,486				127				8,265
Pre-tax operating income (loss)			4,168				3,252				1,725				(213	)			8,932
Net realized gains																			560
Interest and corporate expenses																			1,551
Earnings before income taxes																			7,941
Income tax expense																			635
Net earnings																		$	7,306
Less: Net earnings attributable to the non-controlling interest																			104
Net earnings attributable to ASIH, Ltd.																		$	7,202
Loss ratio			57.3	%			53.1	%			70.2	%		NM					59.0	%
Expense ratio			46.1	%			34.4	%			27.8	%		NM					39.3	%
Combined ratio			103.4	%			87.5	%			98.0	%		NM					98.3	%

American Safety Insurance Holdings, Ltd. and Subsidiaries
Segment Data
(Unaudited) (Dollars in thousands)

		Nine Months Ended September 30, 2011
		Insurance												Other
		E&S				ART				Reinsurance				Run-off				Total
Gross written premiums		$	119,706			$	64,753			$	46,012			$	(1	)		$	230,470
Net written premiums			95,636				46,086				44,925				(1	)			186,646
Net earned premiums			87,831				45,523				39,158				(1	)			172,511
Fee & other income			(8	)			2,436				—				101				2,529
Losses & loss adjustment expenses			54,657				30,310				33,030				—				117,997
Acquisition & other underwriting expenses			39,652				19,071				11,726				(132	)			70,317
Underwriting profit (loss)			(6,486	)			(1,422	)			(5,598	)			232				(13,274	)
Net investment income			15,176				3,538				4,528				440				23,682
Pre-tax operating income (loss)			8,690				2,116				(1,070	)			672				10,408
Net realized gains																			11,311
Interest and corporate expenses																			2,927
Earnings before income taxes																			18,792
Income tax expense																			588
Net earnings																		$	18,204
Less: Net earnings attributable to the non-controlling interest																			454
Net earnings attributable to ASIH, Ltd.																		$	17,750
Loss ratio			62.2	%			66.6	%			84.4	%		NM					68.4	%
Expense ratio			45.2	%			36.5	%			29.9	%		NM					39.3	%
Combined ratio			107.4	%			103.1	%			114.3	%		NM					107.7	%

		Nine Months Ended September 30, 2010
		Insurance												Other
		E&S				ART				Reinsurance				Run-off				Total
Gross written premiums		$	100,227			$	66,966			$	36,641			$	(6	)		$	203,828
Net written premiums			81,251				48,501				33,539				(6	)			163,285
Net earned premiums			72,741				39,178				31,515				(6	)			143,428
Fee & other income			392				2,854				228				18				3,492
Losses & loss adjustment expenses			41,977				22,927				21,132				(6	)			86,030
Acquisition & other underwriting expenses			35,842				14,769				9,297				982				60,890
Underwriting profit (loss)			(4,686	)			4,336				1,314				(964	)			—
Net investment income			16,120				3,634				3,753				592				24,099
Pre-tax operating income (loss)			11,434				7,970				5,067				(372	)			24,099
Net realized gains																			2,080
Interest and corporate expenses																			4,461
Earnings before income taxes																			21,718
Income tax expense																			1,486
Net earnings																		$	20,232
Less: Net earnings attributable to the non-controlling interest																			360
Net earnings attributable to ASIH, Ltd.																		$	19,872
Loss ratio			57.7	%			58.5	%			67.1	%		NM					60.0	%
Expense ratio			48.4	%			30.4	%			28.8	%		NM					39.8	%
Combined ratio			106.1	%			88.9	%			95.8	%		NM					99.8	%