Bermuda-registered American Safety Insurance Group, Ltd.'s third quarter net earnings soared 144 percent to nearly $1.6 million from $655,769 for the same quarter in 1997.

And profit for the first nine months to September 30 has jumped 89 percent from more than $2.2 million to more than $4.2 million.

But third quarter net premiums earned fell 40 percent to almost $1.8 million, attributable, the company said to a decrease in bail bond premium production, a line of business which has a low margin.

Total net investment income for the quarter and interest on notes receivable increased 151 percent to more than $1.6 million.

Total revenues decreased nine percent to nearly $3.9 million, reflecting the decrease in bail bond premium.

Net premiums earned for the nine month period decreased seven percent to nearly $6.1 million. Total net investment income and interest on notes receivable increased 109 percent over the comparative nine months to nearly $3.8 million.

Total revenues rose 11 percent to nearly $11.5 million.

Commenting on the results, president and CEO Lloyd A. Fox said, "We are pleased with the continued growth and success of the company's operations through the third quarter of 1998.

"Our core insurance programmes in the environmental and employee leasing areas have experienced continued growth this year, with employee leasing workers' compensation premium up substantially in the third quarter.

"Our evaluation and development of new programmes continues to be active and we have experienced strong business submission activity as a result of our increased financial size rating and financial strength.

"We are also involved in the evaluation of several acquisition opportunities, including an excess and surplus lines carrier to provide increased capability to our group to respond to new specialty insurance opportunities.'' The firm also announced that Joseph D. Scollo this month joins the firm as senior vice president, operations, after holding the same position at United Coastal Insurance Co. in Connecticut since 1989.

Mr. Fox said his firm was pleased to have Mr. Scollo join the management team, bringing an extensive experience in specialty and environmental insurance, underwriting, finance and accounting and operations.

He said, "His extensive experience in the environmental and surplus lines insurance areas will be of significant benefit to the growth of our specialty insurance business.'' American Safety is a specialty insurance holding company which, through its subsidiaries, develops, underwrites, manages and markets primary casualty insurance and reinsurance programmes in the alternative insurance market for environmental remediation risks, employee leasing and staffing industry risks, and other specialty risks.

The Nasdaq listed company develops specialty insurance coverages and custom designed risk management programmes not generally available in the standard insurance market.

The figures for this fiscal period are characterised by advancing underwriting profitability.

Lloyd A. Fox