American Safety (ASI) Acquires Victore Insurance in a Cash Deal
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American Safety Insurance Holdings, Ltd. (NYSE: ASI) announced today that its wholly-owned subsidiary, American Safety Casualty Insurance Company, has acquired, for cash, Victore Insurance Company, an Oklahoma domiciled admitted insurance company based in Oklahoma City, providing customized bonding solutions for the surety bond industry. VIC specializes in contract surety for general contractors and sub-contractors, and also provides other types of bonds such as oil and gas, court, and license and permit bonds. In conjunction with the purchase of VIC, ASCIC also acquired Victore Enterprises, Inc., an Oklahoma based holding company, and Agency Bonding Company, Inc., an Oklahoma based insurance agency specializing in providing surety agency services, primarily for VIC (together with VIC collectively referred to as the Victore Companies). ASI does not expect the acquisition to have a material impact on its 2009 earnings.
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