American Safety Insurance Holdings Ltd.'s first-quarter net earnings rose by $1 million to $6.5 million.

The Bermuda-based insurer's book value increased to $26.21 per diluted share at quarter end, from $25.47 per diluted share at December 31, 2009.

Return on average equity was 9.2 percent compared to 10 percent for the same period of 2009, while cash flow from operations was $10.6 million versus $14.2 million over the respective period.

Gross premiums written increased 16.6 percent to $59.3 million compared to the same period in 2009, as net premiums written rose 22.8 percent to $48.8 million versus the same period of 2009.

The company's combined ratio was up at 102.3 percent from 101.1 percent for the same period last year.

Stephen Crim, president and CEO of American Safety Insurance, said: "I am pleased with the solid earnings and increase in book value accomplished in the quarter. We advanced our strategy to achieve critical mass in newer products and shifted our product mix toward shorter tail lines of business."