Bermuda-based American Safety Insurance Group has had its financial strength rating of A affirmed by AM Best.

The ratings agency also announced yesterday that it was affirming the company's issuer credit rating (ICR) of "a" .

Best also has affirmed the ICR of "bbb" of ASI's parent company, American Safety Insurance Holdings Ltd. The outlook for all ratings is stable.

Best said the ratings reflect ASI's excellent capitalisation, solid overall operating results, and effective management of its insurance operations.

Best also noted ASI's underwriting expertise and discipline in its niche markets with customised risk management programmes and loss control services.